SHIB plummeted over 38% since the price rejection at $0.00001574 in early February. Bears managed to clear the obstacles at 50-day MA and 100-day MA. However, the 23.6% Fib level stood in the bears’ way, at the time of writing.
Bears could enjoy additional opportunities if SHIB closes below the 23.6% Fib level . They could short the meme coin and lock gains at $0.00000935, $0.00000843, or $0.00000779. A close above the 23.6% Fib level will invalidate the above thesis. A bounce from the 23.6% Fib level would tip bulls to inflict a potential recovery targeting the 38.2% Fib level , but they must clear the hurdle at 100-day MA . Other significant resistance lies at 50% and 61.8% Fib levels.The RSI slid into the oversold territory, indicating intense selling pressure, at the time of writing. Moreover, the OBV dipped, further denting trading volumes that could undermine a strong buying pressure and recovery.
In addition, there was an uptick in whale activity at the time of writing that could tip bulls to secure the 23.6% Fib level. However, active deposits also increased, indicating more SHIB moved to central exchanges for offloading – a sign of short-term sell pressure. But, a recovery could be possible if BTC reclaims the $20K level and surges upwards.Subscribe to get it daily in your inbox.