- Shiba Inu price got rejected from a descending triangle pattern and currently consolidates at 2021 lows.
- SHIB crypto has recovered above 20 EMA and is still behind 50, 100 and 200-days Daily Moving Average.
- The pair of SHIB/BTC is at 0.000000000521 BTC with an intraday drop of 2.30%.
Shiba Inu price fell from a descending triangle pattern and went into a consolidation phase at 2021 lows. The token must plan its escape and should gather support from buyers. However, it is currently trading with downtrend momentum over the daily price chart. The token must attract more buyers in order to escape the consolidation phase. SHIB coin must surge upwards from the 2021 lows and surge back over the chart.
Shiba Inu price is presently CMP at $0.00001095 and has lost 3.64% of its market capitalization in the last 24-hour period. Trading volume has decreased by 16.66% of its market capitalization in the last 24-hour period. This shows that sellers are trying to pull SHIB towards the lower trendline of the consolidation phase. Volume to market cap ratio is 0.08354.
SHIB coin price must accumulate buyers in order to escape the consolidation phase over the daily price chart. The token must gather forces of bulls to let SHIB surge out of the horizontal range-bound area. SHIB has been sideways inside the range of $0.0000071 and $0.000012. Volume change can be seen below average and needs to grow for SHIB to soar.
Support and resistance are as follows: $0.0000071 and $0.000012 respectively.
Will SHIB Soar or Remain Caged?
SHIB coin price must accumulate buyers in order to escape the consolidation phase. However, at present sellers are trying to trap the token inside the consolidation phase. Technical indicators suggest the consolidation phase of SHIB coin.
Relative Strength Index showcases the consolidation phase of SHIB coin. RSI is at 53 and SHIB investors can expect any directional change as soon as RSI crosses below 50. MACD exhibits the sideways momentum of the SHIB coin. The MACD line is ahead of the signal line but with a minor difference and SHIB may experience a negative crossover.
Conclusion
Shiba Inu price fell from a descending triangle pattern and went into a consolidation phase at 2021 lows. The token must plan its escape and should gather support from buyers. However, it is currently trading with downtrend momentum over the daily price chart. SHIB has been sideways inside the range of $0.0000071 and $0.000012. Volume change can be seen below average and needs to grow for SHIB to soar. Technical indicators suggest the consolidation phase of SHIB coin. RSI is at 53 and SHIB investors can expect any directional change as soon as RSI crosses below 50.
Technical Levels
Support Level: $0.0000071
Resistance Level: $0.000012
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.