- Shiba Inu price brokedown the narrow horizontal range on 10 October with a 7.34% drop.
- Bulls don’t want to lose ideological support level of $0.000010, price rebounded from this zone.
- Speculators notice 49% drop in trading volume in the last 24 hours at $135.3 Million.
After a massive consolidation phase Shiba INU price breakdown the range-bound phase two days before. This breakdown acts as a significant drawback for bulls because buyers lost vital support levels amid this breakdown.
Against the USDT pair the Shiba Inu price stays slightly higher at $0.0000103 mark at the time of writing. Bulls are trying to reverse and manage uptrend above the key support levels. On 10 October, altcoin’s price tumbled by 7.34%, which was the most volatile and bearish day for investors in this month.
Last two weeks were extreme sideways weeks. Later on, SHIB value is down 6.71% so far this week. More was expected this week but bulls found support at an ideological round level of $0.000010 which has pumped asset prices prior. Along with price recovery, the Shiba Inu price along with the Bitcoin pair is neutral at 0.000000000539 Satoshis.
Despite breakdown, the price action of SHIB shows higher-lows formation in the weekly time frame. It shows bulls are active in the market, even if price moves lower. However, the market cap seems slightly up by 0.34% at $6.66 Billion. And Speculators notice a 49% drop in trading volume in the last 24 hours at $135.3 Million.
In the context of daily price scale, the RSI indicator moves lower after failing to move above semi-line. Indicators may revisit in extreme oversold zones before rebound. In addition, MACD continues moving lower into the negative region.
Conclusion
The Shiba Inu price is looking sideways in the intraday trading session. Last night was highly volatile for speculators as the daily price candle observes doji candles. Meanwhile, technical indicators are suggesting weakness in crypto.
Support level – $0.000010 and $0.000007
Resistance level – $0.000014 and $0.000018
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.