Shiba Inu's Correction Brings Unfinished Price Gap Back into Focus
Shiba Inu's recent price surge has finally lost momentum after a strong rally among large-cap memecoins. The cryptocurrency fell by almost 11% in the last 24 hours, with traders taking profit off the table after the breakout earlier this week.
This correction has brought an unfinished price gap back into focus for SHIB's price action. The imbalance zone between $0.0000042 and $0.00000485 is now in play, a key area that could trigger buyers to add more positions as they aim to maximize on the prevailing bullish trend.
SHIB has been trading above both its 20-day and 50-day EMAs on the daily chart, indicating a strong technical position. However, momentum indicators have been reflecting the recent slowdown, with the Stochastic RSI retreating from an oversold region consistent with the anticipated short-term sell-off.
The midpoint of the imbalance zone at $0.00000456 could be the next target in line, and if bulls manage to defend this area, SHIB could stabilize and prolong its prevailing bullish trend.