ShibaInu registers strong bullish price action as demand rises
Traders should exercise caution, though. The high and low of 31 July, Monday, could dictate the significant levels for the next week. The monthly candle was on the verge of closing as well, which could induce further volatility in the market.Source: SHIB/USDT on TradingView
On the 1-day chart, the trend was not yet bullish but the structure flipped bullishly in June after the rally to $0.00000846 on 22 June. The past month saw SHIB prices return to the $0.0000007 support zone. On the 4-hour chart above, the past month’s consolidation and gradual push higher saw a large northward shove on 28 July. The market structure shifted bullishly on the H4 chart and was accompanied by a large fair value gap.
This showed bulls were in control, followed by a lower timeframe pullback to the $0.0000082 region. The RSI was above 70 to show hefty bullish momentum and the CMF at +0.22 showed significant capital flow into the Shiba Inu market.The breakout past the local resistance region on 28 July was accompanied by heightened trading volume on the 4-hour price chart.
Apart from demand, the breakout was also fueled by the short liquidations as seen on the liquidation chart. Therefore, buyers can use the $0.0000082 zone as a marker- a move below this region would signal short-term bearishness.
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