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Shiba Inu Price Eyes Channel Breakout: Can SHIB Bounce Back?
- Shiba Inu price is consolidating in a falling channel, with potential for a bullish breakout towards $0.00001390.
- The broader crypto market's recovery is aiding meme coins like Shiba Inu.
- Shiba Inu is currently holding support above $0.00001100 and preparing for a channel breakout.
- The daily chart indicates a falling channel pattern since mid-May, with a 30% decline from the recent high.
- A breakout above the overhead resistance trendline could push SHIB to retest the 23.60% Fibonacci level at $0.00001390.
- Minor bullish divergence in the daily RSI line and a potential bullish crossover in MACD support the breakout possibility.
- However, a deeper correction within the channel may lead to a decline towards $0.00001000 psychological support.
- Optimism in SHIB derivatives market is subdued as open interest decreases and liquidations indicate a bullish wipeout.
- Long liquidations have surged, while short liquidations remain limited, impacting the long-to-short ratio.
- The overweighted funding rate has dropped, reflecting a bearish bias in the derivatives market.
- Despite the bearish sentiment, a breakout from the falling channel could potentially revive bullish momentum for SHIB.
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