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Following
SHIB SHIB held on to the support level of US$0.000043, and improved market sentiment boosted potential rebound.
Increased social dominance, positive funding rates and fading MACD signals are all conducive to bullish momentum. The target for SHIB may be US$0.000046, but if it falls below US$0.000043, it may drop to US$0.000040.
Shiba Inu showed early signs of recovery after holding on to key support areas. The SHIB price once dropped to around US$0.000043, and then the buyer re-entered. Social and derivatives data also showed improvement in market sentiment. Traders are now more confident about a potential rebound. However, the SHIB still faces resistance before confirming stronger momentum. The $0.000043 price is crucial for bulls. If the daily closing price falls below this support level, it may quickly weaken the current recovery pattern.
On-chain data and derivatives show that sentiment is improving
Recently, Shiba Inu has attracted more attention in cryptocurrency discussions. Since August 16, Sanitation's social dominance indicator has continued to strengthen. The indicator reached 0.016% on Wednesday, indicating that discussions around SHIB have grown heated. Social dominance measures the proportion of SHIB in all crypto-related discussions. This increase means that interest among traders and market participants is growing. Therefore, recent growth sends a positive signal for SHIB. However, increased social activity does not guarantee that prices will continue to rise. Traders still need to seek confirmation from price movements and broader market conditions.
Derivatives data also showed a modest shift towards long positions. CoinGlass recorded a long-short ratio of 1.01 on Wednesday. Readings greater than 1 indicate slightly stronger demand for long positions. Funding rates have also been moved into positive areas. SHIB's funding rate reached 0.0087% on Wednesday. A positive funding rate means long traders are currently paying fees to short traders. This position distribution usually reflects increased confidence among bullish market participants. Still, if the SHIB continues to rebound, traders should pay close attention to funding rates. An excessively high positive funding rate may indicate overcrowding of long positions. This may increase the risk of liquidation in the event of a sudden price drop. [TAG
SHIB technical outlook depends on support level of USD 0.000043
SHIB recently retested daily support level near USD 0.000043. Buyers successfully held that level and pushed the price above $0.000044. If it can maintain its support, SHIB is expected to challenge higher technology levels. The first major upside target is near the 50-day exponential moving average. That moving average is currently close to $0.000046. Breaking through this moving average could consolidate the current pattern of recovery. Momentum indicators also provide encouraging signals to buyers. The relative strength indicator is currently close to the neutral 50 level. SHIB's RSI was 46 on Wednesday, indicating that short momentum remains. However, a move towards 50 suggests that selling pressure may be weakening. The moving average convergence and divergence indicator also sends positive signals.
On the daily chart, the MACD red bar chart has begun to shorten. Shortening red bar charts usually indicate that short momentum is weakening. If support can be successfully held, it may encourage buyers to target their next target at $0.000046. Breaking through the 50-day EMA may further improve market sentiment. Traders will then focus on whether SHIB can maintain momentum above the moving average.
