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The Shiba Inu coin has been stuck in a narrow range for the past two weeks. This range movement reflects a rectangle pattern which offers a short consolidation before a strong rally. Therefore, a breakout from beyond this range could trigger a directional rally on the breakout side, providing an entry opportunity for sidelined trend.
Key points:
- The Shiba price is wavering in a no-trading zone stretched from $0.0000096 and $0.0000089
- A breakdown below $0.0000089 will offset the prior recovery with a downfall to $0.00000830
- The intraday trading volume of the Shiba Inu coin is $114.4 Million, showing an 18% gain.
Source- Tradingview
Amidst the last recovery cycle in the crypto market, the Shiba Inu coin bounced back from the $0.0000083 support and surged 16% higher to hit $0.0000096. However, the recovery rally showcased several red candles and long-wick rejections, indicating an indecisive rally.
Moreover, the rising price was backed by low and decreased volume, projecting a lack of bullish commitment and a high possibility of downtrend resumption.
As for now, the memecoin has been resonating between $0.0000096 and $0.0000089 for the past two weeks creating a narrow range. This price range reflects a no-trading zone, and traders could avoid taking new enters inside it.
The Shiba Inu coin price currently trades at $0.00000919, with an intraday gain of 0.99%. Thus, traders looking for entry opportunities should wait for a daily candle closing beyond the price range.
Concerning the price weakness mentioned above, the SHIB price is more likely to break the $0.00000893 support. This breakdown will signal replenished bearish momentum and may plunge the price to $0.829 support.
Conversely, a breakout above $0.000096 will prolong the recovery rally to the $0.0000105 mark.
Technical indicator
Relative strength index: the daily-RSI indicator, which reflects the speed and magnitude of the coin’s recent price, has reverted from the neutral line and plunged below the 20-SMA slope. The indicator value reentering the bearish territory indicates market sentiment supports a price drop.
EMA: the downsloping EMAs(20, 50, 100, and 200) display an established and where each may act a significant resistance level.
Shiba Inu coin price intraday levels
- Spot price: $0.00000971
- Trend: Bullish
- Volatility: Medium
- Resistance levels- $0.0000096 and $0.0000105
- Support levels: $0.0000080 and $0.0000083
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