Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
SHIB ran into a known roadblock on the D1 map.
Monthly holders outperformed quarterly holders.
The December 2022 low was a major roadblock for it Shiba Inu [SHIB] bulls. Recent upside has wavered twice in the area, highlighting the sticky resistance to bulls’ efforts. At the time of writing, SHIB’s price action attempted to cross the obstacle, but could be reversed if selling pressure increased.
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Will bulls leave their positions?
Source: SHIB/USDT on TradingView
The December 2022 low also corresponds to a bearish order block (OB) of $0.00000785 – $0.00000824 (red). Moreover, the previous range formation of $0.00000850 – $0.00000903 on the D1 chart is another bearish OB on the weekly chart.
So the trajectory between $0.00000785 – $0.00000903 could be a bearish stronghold. As such, a liquidity hunt in this area could not be overruled before sellers extended gains to the $0.00000711 immediate support.
However, it was worth noting that bulls could seek stealth access at the price imbalance and fair value gap (FVG) zone of $0.00000732 – $0.00000757 (white).
Thus, conservative bulls might wait for another $0.00000711 test for new buying opportunities. But aggressives could immediately re-access the FVG if BTC maintains over $30k. The overhead bearish OB will be the primary target.
Meanwhile, the RSI and OBV registered rebounds, underlining the recent buying spree.
Monthly holders outperformed quarterly holders
Source: Sentiment
According to Santiment, the 90-day MVRV (Market Value to Realized Value) and the 30-day MVRV showed a stark contrast.
How many Worth 1,10,100 SHIBs today?
Notably, the 30-day MVRV was +5%, while the 90-day MVRV was -0.74% at the time of writing. It shows month holders had a 5% gain, while quarter holders had yet to reverse all recent losses. In other words; monthly holders outperformed quarterly holders.
There was also a spike in exchange supply, which could expose SHIB to a possible reversal if short-term sellers lock in profits at the current resistance level.
This post Since Shiba Inu encounters a familiar hurdle, is a turnaround likely?
was published first on https://ambcrypto.com/shiba-inu-hits-familiar-hurdle-risks-a-correction/
