Shiba Inu price prediction suggests the consolidation phase of SHIB crypto inside the price range of $0.00000707 and $0.00000848. Meanwhile, analysts speculate that Shiba Inu coin price may surge towards the recovery level if it breaks out from the primary resistance level of the consolidation phase.
However, sellers have been pulling the SHIB crypto inside the horizontal price range. Investors in Shiba Inu cryptocurrency need to wait until the Shiba Inu coin price sustains at the verge of the consolidation phase.
Shiba Inu price was at $0.00000793 and has gained 1.15% of its market capitalization during the day’s trading session. However, the trading volume has decreased by 44.15% during the intraday trading session, thereby demonstrating that sellers are again trying to pull Shiba Inu coin price towards the lower trendline of the consolidation phase. Volume to market cap ratio was at 0.021.
Shiba Inu Price Prediction: Technical Analysis
Shiba Inu price prediction indicates the sideways momentum of SHIB cryptocurrency inside the horizontal range-bound area. Shiba Inu coin price managed to escape from the descending triangle pattern on 8th July, 2023 and has been consolidating since then. Meanwhile, analysts believe Shiba Inu price may reach the heights if SHIB crypto price sustains above the consolidation phase.
For the time being, Shiba Inu coin price is above the 20-EMA and is trying to surge above the 50, 100 and 200-days Daily Moving Average. Shiba Inu coin price has gained 2.45% in a week and 16.11% in a month which demonstrates the slow and steady recovery of Shiba Inu coin price over the chart.
Technical indicators suggest the consolidation phase of Shiba Inu price. Relative strength index (RSI) showcases the upside trend of Shiba Inu coin price. RSI was at 55 and is heading towards the overbought zone.
MACD exhibits the upward velocity of SHIB crypto inside the consolidation phase. The MACD line is above the signal line after a positive crossover. Investors in Shiba Inu need to wait until the Shiba Inu coin price sustains at the upper threshold of the consolidation phase.
Summary
Shiba Inu price prediction suggests the consolidation phase of SHIB crypto inside the price range of $0.00000707 and $0.00000848. Shiba Inu coin price managed to escape from the descending triangle pattern on 8th July, 2023 and has been consolidating since then. Technical indicators suggest the consolidation phase of Shiba Inu price. Investors in Shiba Inu need to wait until the Shiba Inu coin price sustains at the upper threshold of the consolidation phase.
Technical Levels
Resistance Levels: $0.00000848 and $0.00000915
Support Levels: $0.00000775 and $0.00000707
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock 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/2023/07/17/shiba-inu-price-prediction-will-shib-skip-this-consolidation/