•SHIB/USD is currently priced at $0.000025 and has increased by 3.81% over the past day
•The technical indicators suggest the altcoin is in a downside consolidated phase
•The trading volumes have decreased by 1.26% over the past day
Short Term View: Shiba Inu is at a standstill in its bid for recovery
The Shiba Inu price today is $0.000025 USD with a 24-hour trading volume of $577,397,941 USD. Shiba Inu Coin is up 3.81% in the last 24 hours. The trading volumes have decreased slightly over the past day whereas the Volume to Market Cap ratio stands at 0.04204 for the altcoin.
Shiba Inu had attempted to rise higher in the last 7 days but the lack of trade volume and the absence of buying pressure restricted the rise of the altcoin. Shiba Inu Coin’s price is currently transacting below the 20,50 SMA on the four-hour chart which could act as local support levels which may hold the price strong in case of a plunge. The possibility of a strong uptrend may be ignited if the altcoin surpasses the resistance placed at $0.0000277. In the event of the bearish downpour continuing, the altcoin would find support at the $0.0000215 price level.
Long Term View for Shiba Inu
The MACD indicator for Shiba Inu shows the gap between the MACD and signal line increasing on the daily chart and signifies that the momentum is bearish currently. Moreover, the histograms have failed to muster up enough buying pressure over the past few days to flip the momentum bullish. The RSI is transacting at 49.50 and gives off a neutral signal as the altcoin is currently in a phase of downside consolidation.
Conclusion
The technical indicators for Shiba Inu suggest that the price will likely continue its fall until it reaches the bottom support trendline before beginning the next bull cycle. Hence the traders need to be careful whilst trading the asset.
Support: $0.0000215-$0.0000172
Resistance: $0.00002601-$0.0000277
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.