Inefficiencies to the south have been filled but near-term resistance formed over the weekendOn January 18 and January 20, fair value gaps were seen on the 4-hour chart. Both of these imbalances have been filled. The first one extended from $0.0000107-$0.0000122, and the second from $0.0000115-$0.0000118.
The first was filled last week on the pullback, and the second was filled in recent hours of trading on a dip. Moreover, the bullish 4-hour order block was also revisited.This retest saw a sharp reaction of nearly 5% upward in the space of eight hours, which indicated the order block had some near-term significance. Over the weekend, Shiba Inu faced some resistance in the $0.0000123-$0.00001245 area.
The RSI dipped to 57.9, which showed bullish momentum but not as strongly as a few days ago. The A/D indicator ran flat to show buyers and sellers at an impasse. In the next day or two, a retest of the bullish order block at $0.0000113-$0.0000115 can be used to buy SHIB with the stop-loss set near $0.0000109. A session close below the order block would invalidate the bullish idea. In such a scenario traders can expect a deeper dip to the $0.00001048 support level.Over the weekend, the Open Interest slid lower while the price dawdled near resistance. This indicated speculators were sidelined and money did not flow into the market.
Together, they showed that buying pressure was not strong. However, from a technical perspective, the bias would remain bullish until $0.0000113 is broken. Even then, the $0.00001048 can act as support. The predicted funding rate was positive showing market participants held a bullish view as well.Subscribe to get it daily in your inbox.
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