As Shiba Inu hits a familiar hurdle, is a reversal likely?

As ShibaInu hits a familiar hurdle, is a reversal likely?

Is your portfolio green? Check out theThe December 2022 low also aligns with a bearish order block of $0.00000785 – $0.00000824 . In addition, the previous range formation of $0.00000850 – $0.00000903 on the D1 chart is another bearish OB on the weekly chart.

So, the stretch between $0.00000785 – $0.00000903 could be a bearish stronghold. As such, a liquidity hunt in this area couldn’t be overruled before sellers extended gains towards the immediate support of $0.00000711. However, it was worth noting that bulls could seek stealth entry at the price imbalance and FVG zone of $0.00000732 – $0.00000757 .

So, conservative bulls could wait for a retest of $0.00000711 for new buying opportunities. But aggressive ones could seek immediate re-entry at the FVG ifMeanwhile, the RSI and OBV registered upticks, underscoring the recent buying frenzy.According to Santiment, the 90-day MVRV and 30-day MVRV showed stark contrast.In particular, the 30-day MVRV was at +5%, while the 90-day MVRV was at -0.74% at the time of writing.

There was also a spike in supply on exchanges, which could expose SHIB to potential reversal if short-term sellers lock profits at the current resistance level.

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