Shiba Inu price prediction highlights that SHIB crypto may jump significantly after breaking out of this resistance level. Shiba Inu coin price has been consolidating inside a horizontal range-bound area over the daily time frame chart.
However, the Shiba Inu coin was stuck inside the horizontal range-bound area after slipping from the $0.00001080 recovery level. However, the decline in volume change signifies the fall of SHIB crypto.
Shiba Inu coin price needs to accumulate buyers in order to surge towards the upper threshold of the consolidation phase. Meanwhile, the Shiba Inu coin price must break out of a certain resistance level to initiate its recovery phase over the charts.
Shiba Inu price was at $0.00000729 and lost 1.62% of its market capitalization during the day’s trading session. Trading volume has decreased by 8.04% during the intraday trading session. This demonstrates that sellers are present in the trade to pull SHIB crypto downwards. The volume-to-market cap ratio was at 1.74%.
Will Shiba Inu Price Skip Consolidation?
Shiba Inu price prediction showcases the consolidation phase of SHIB crypto after declining from the $0.00001080 stuck inside the horizontal range-bound area. Shiba Inu coin price has been consolidating between the $0.00000704 and $0.00000848 price range.
However, trading volume can be seen below average which needs to increase during the intraday trading session. Meanwhile, the Shiba Inu coin price is trading below the 20, 50, 100, and 200-day daily moving average.
Shiba Inu price has gained around 1.67% in a week but declined by 12.17% in a month. Shiba Inu coin price slumped around 3.32% in the last three months and 32.93% in the last six months. Shiba Inu coin price has decreased by 9.55% year to date. This suggests that 2023 wasn’t exactly pleasant for SHIB crypto.
Technical indicators suggest the downward velocity of Shiba Inu cryptocurrency. The relative strength index and moving average convergence divergence both confirm the downward momentum of SHIB crypto.
The RSI was at 40 and is moving towards the oversold zone. The MACD line is crossing the signal line downward, registering a negative crossover. Investors in Shiba Inu cryptocurrency need to wait until the Shiba Inu coin price breaks out of the $0.00000850 resistance level.
Summary
Shiba Inu price prediction highlights that SHIB crypto may jump significantly after breaking out of this resistance level. Meanwhile, the Shiba Inu coin price must break out of a certain resistance level to initiate its recovery phase on the charts. The Shiba Inu coin price has decreased by 9.55% year to date.
Technical indicators suggest a downward velocity for Shiba Inu cryptocurrency. Investors in Shiba Inu cryptocurrency need to wait until the Shiba Inu coin price breaks out of the $0.00000850 resistance level.
Technical Levels
- Support Levels: $0.00000720 and $0.00000704
- Resistance Levels: $0.00000760 and $0.00000780
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/09/20/shiba-inu-price-prediction-is-shib-fueled-for-a-bigger-move/