Despite the bullish on-chain metrics of Shiba Inu, it appeared likely that prices would slowly drop toward the Fibonacci golden pocket.
The current retracement could take a while to resolve, and the golden pocket is a key area of interest for the bullsfell from the local high of $0.00004567 to trade at $0.00002725 at press time. This represented a 40% drop over eighteen days. The retracement could go deeper, based on technical analysis.The market structure of SHIB in the 1-day timeframe remained bullish. The recent swing low remained at $0.00000946. It could take some time for a new, higher swing low to be established.
This was inferred from the OBV, which was back at a former resistance level despite the huge recent rally. The Fibonacci retracement levels still underlined key support levels thatAs prices fell lower, so did the Open Interest behind SHIB. This indicated that speculators were unwilling to bet on the memecoin and preferred to remain sidelined. Alongside this, the mean coin age has been climbing over the past two weeks.
The MVRV still had a high positive reading despite the recent downtrend. A good chunk of holders were still in profit, but the profit-taking selling pressure has likely subsided.
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