From 7 July to 9 July, Shiba Inu climbed from $0.00000706 to $0.0000078, noting a 10.5% gain. Yet, higher timeframe price charts showed that the coin lacked a bullish market structure despite the rally in June. The bears have been in control since late February.On 20 June, Shiba Inu formed a bullish order block on the 4-hour chart. Highlighted by the cyan box, it continued to serve as a region of support. Moreover, SHIB has formed a range over the past two weeks.
The OBV has oscillated over the past two weeks without a clear direction. So too did the RSI as momentum swayed from bearish to bullish and back again.As SHIB faced rejection from near the range highs on Sunday, 9 July, the Open Interest began to fall. This showed discouraged longs. On 8 July, the trend was the opposite- short-term speculators were wildly bullish as more than $10 million flowed into the market.