Shiba Inu's Market Rollercoaster: Coinbase Exit, Resistance Looms

Shiba Inu (SHIB) has experienced significant market movements recently, including a notable withdrawal from Coinbase. Despite a temporary bounce, underlying selling pressures could lead to further declines. A COINOTAG source notes that sustained outflows of the memecoin would be a good sign of accumulation across the market, highlighting the divergence in market sentiment.

Shiba Inu (SHIB) faces potential short-term resistance as market dynamics shift. The $0.0000154-$0.0000157 region emerges as a key short-term target for traders, with recent price action and market dynamics suggesting a potential reversal is on the radar. However, the 1-day price chart indicates that additional losses may be likely for SHIB, while the 4-hour chart presents a conflicting narrative with signs of recovery. The lack of demand in the market has been a crucial factor contributing to the overall bearish sentiment, and a notable 9% bounce observed in the past ten days could swiftly reverse if buying momentum does not sustain.

The On-Balance Volume (OBV) indicator has dipped below the lows recorded in October, mirroring the downward price trends and reinforcing the narrative of heightened selling pressure. This suggests that despite recent price stabilization efforts, the overall sentiment remains bearish, and the potential for recovery could be limited. On the 4-hour chart, a bullish market structure break was identified, indicating recent higher lows that could signal a possible shift in market momentum. Traders are advised to monitor key levels, such as $0.0000174, for potential rebounds while remaining cautious of the overarching bearish sentiment. Continuous assessment of the OBV and market structures will be essential in making informed trading decisions.