Published 11 hours ago
The Shiba Inu coin shows a sloppy price action restricted within two definite levels of $0.00000960 and $0.0000082. This sideways rally reflects indecisiveness among market participants and a need for an external push to resume prior recovery. Thus, a breakout from either level of this range will trigger a directional rally for this memecoin.
Key points:
- The Shiba Inu coin price is currently trapped in a no-trading zone.
- The daily-RSI slope below the neutral line indicates the sellers have the upper hand.
- The intraday trading volume of the Shiba Inu coin is $87.5 Million, indicating a 0.96% loss.
Source- Tradingview
After the FTX crypto exchange crash, the Shiba Inu coin price showed sustainability above the $0.0000082 mark. On November 22nd, this memecoin managed to bounce back from this support and triggered a new recovery cycle.
However, the price rally was backed by decreasing volume, and numerous long red candles indicated weak bullish momentum. Eventually, the intense selling pressure above the $0.00000961 price turned the prices sideways and created a narrow range.
The Shiba Inu price has resonated between the $0.00000960 and $0.0000082 levels over the past two weeks, reflecting a no-trading zone. Furthermore, the coin currently trades at the $0.00000921 mark, and ongoing uncertainty in the crypto market helps to prolong this consolidation.
Thus, the new traders looking for entry opportunities should wait for the coin price to break either range level.
With the price action displaying weakness in bullish momentum, a breakdown from the support level is higher, which may plunge the Shiba Inu coin to $0.0000083.
Conversely, a daily candle closing above $0.0000960 may resume the bullish recovery 13% higher to $0.0000104.
Technical indicator
Relative strength index(daily): the RSI indicator, which reflects the speed and magnitude of the coin’s recent price, indicates a bearish outlook as its slope move below the neutral line.
EMAs: the 20-and-50-day EMAs offer dynamic resistance to coin price and keep the trend under selling control.
Shiba Coin Price Intraday Levels
- Spot rate: $0.00000922
- Trend: Bearish
- Volatility: High
- Resistance levels- $0.0000096 and $0.0000104
- Support levels- $0.0000089 and $0.0000083
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/shiba-inu-price-analysis-guide-for-the-coming-week/