- Shiba Inu price is trading towards the upper price range of the consolidation phase at 2021 lows.
- SHIB crypto is trying to sustain at 20 EMA and is still behind the 50, 100 and 200-days Daily Moving Average.
- The pair of SHIB/BTC is at 0.000000000515 BTC with an intraday drop of 0.43%.
Shiba Inu’s price dropped from a falling triangle pattern and shifted into a consolidation phase near 2021 lows. The token needs to plan an escape and recruit the help of buyers. It is currently trading with a downward velocity on the daily price chart. The coin has to entice additional investors if it is to exit the consolidation phase. SHIB coin has to regain the chart by rising above the 2021 lows. SHIB coin must attract more buyers in order to surge out of the consolidation phase. The token is soaring towards the upper trendline and is trying to escape the consolidation phase from 2021 lows.
Shiba Inu’s market cap has climbed by 0.70 percent during the past day and is currently CMP at $0.00001050. However, trading volume decreased by 26.96% during the intraday trading session. This indicates that sellers are trying to move SHIB in the direction of the lower trendline of the consolidation period. The volume to market cap ratio is 0.05057.
SHIB coin price must attract a significant amount of buyers in order to break free from the consolidation phase. However, gradually falling volume over the chart signifies the SHIB coin getting stuck inside the short-sellers clutch. The token must attract buyers in order to avoid getting caught by the sellers. The token needs to surge towards the upper trendline and bulls just sustain at the verge of the upper trendline to register the token’s breakout.
SHIB coin has been consolidating inside the range of $0.00000723 and $0.00001260.
Will SHIB Escape the Consolidation Phase?
SHIB coin price must accumulate buyers in order to escape the consolidation phase. The tokne must attract more buyers in order to surge towards the upper trendline of the consolidation phase. Technical indicators suggest the sideways momentum of the SHIB coin.
Relative Strength Index showcases the consolidation phase of SHIB coin. RSI is at 51 and is trying to sustain above neutrality. MACD exhibits the consolidation phase of SHIB. The MACD line is parallel to the signal line and is about to cross the signal line downwards resulting in a negative crossover. SHIB investors need to wait for any directional change over the daily chart.
Conclusion
Shiba Inu’s price dropped from a falling triangle pattern and shifted into a consolidation phase near 2021 lows. The token needs to plan an escape and recruit the help of buyers. It is currently trading with a downward velocity on the daily price chart. The coin has to entice additional investors if it is to exit the consolidation phase. However, gradually falling volume over the chart signifies the SHIB coin getting stuck inside the short-sellers clutch. The token must attract buyers in order to avoid getting caught by the sellers. Technical indicators suggest the sideways momentum of the SHIB coin. RSI is at 51 and is trying to sustain above neutrality. SHIB investors need to wait for any directional change over the daily chart.
Technical Levels
Support Level: $0.00000723 and $0.00000676
Resistance Level: $0.00001260 and $0.00001437
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.