- SHIB Token price action forms a consolidation range in the 4-hour chart.
- The sudden rise in the increased trading volume accompanied by price fall indicates a rise in selling pressure.
- The pair of SHIB/BTC is trading at 0.000000000493 BTC with an intraday fall of -9.93%.
SHIB coin price action indicates a long consolidation range formation after the recent bull run in the daily chart. Furthermore, the coin price action forms higher lows within the range indicates the possibility of a bullish breakout.
As per the pivot points, the resistance levels for the token are residing at $0.00003221and $0.00003824 marks. Therefore, in the case of a bearish reversal of the coin price, sellers may find opposition at $0.00002331 or $0.00001958.
The SHIB Token price trades at $0.00002814, decreasing 11.79% in market capitalization over the past 24 hours. However, the intraday trading volume has increased by 5% in the past day, indicating a rise in the number of sellers.
SHIB Token In The 4-hour Chart
SHIB coin price action indicates a double top price pattern breakout in the 1-hour chart. Moreover, the price fall is coupled with an increased trading volume. Thus, a short-term downtrend is plausible till $0.00002331.
The EMAs of the 4-hour technical Chart rise higher in a bullish structure with a positive slope. Thus, it could support the prices against a bearish attack. Additionally, the price is testing a 20-period EMA.
The RSI indicator forecasts a surge for underlying bullishness as the slope spikes higher in the daily charts.
The ADX indicator shows a rising, indicating trend in momentum.
MACD indicators in the daily chart indicate that the MACD and signal lines are moving higher over the neutral area. Thus, it indicates bullish momentum in the token price., indicating
Conclusion – The short-term trend of the SHIB Coin is sideways from a technical standpoint. However, the current chart of the coin price shows a negative outlook. Moreover, it may soon break the $0.00002331 mark. So, crypto traders can expect bearish opportunities while they wait until a genuine breakout is confirmed.