Shiba Inu Price Analysis: When will SHIB Escape the Consolidation Phase at 2021 Lows?

  • Shiba Inu price fell below the descending triangle pattern over the daily price chart.
  • SHIB crypto currently consolidates at 20 EMA and is preparing to recover till 50, 100 and 200-days Daily Moving Average.
  • The pair of SHIB/BTC is at 0.000000000515 BTC with an intraday drop of 0.65%.

Shiba Inu’s price declined from a pattern of a falling triangle and entered a phase of consolidation at 2021 lows. The token must devise an escape strategy and must enlist support from buyers. On the daily price chart, it is currently trading with downward velocity. In order to get out of the consolidation period, the coin needs to draw more investors. SHIB coin has to climb out of the 2021 lows and retake the chart. SHIB coin must surge towards the upper trendline of the horizontal range-bound area to register its breakout. 

Shiba Inu price is currently CMP at $0.00001034 and has increased by 2.77 percent in market cap over the previous 24 hours. However, during the intraday trading session, trading volume fell by 12.34%. This demonstrates that sellers are attempting to push SHIB in the direction of the consolidation phase’s lower trendline. The volume to market cap ratio is 0.06388.

In order to break out of the consolidation period over the daily price chart, the SHIB coin price must amass buyers. To allow SHIB to break free of the horizontal range-bound region, the token must marshal the forces of bulls. SHIB has been fluctuating between $0.0000071 and $0.000012 over this time. Volume change is below normal and must increase for SHIB to flourish.

Support on the lower end is at $0.0000071 and resistance on the higher side is at $0.000012.

Will SHIB break out of the Range?

SHIB coin price must accumulate buyers in order to register its breakout from the horizontal range-bound area. However, currently trading volume signifies that the token is under short-selling pressure. Technical indicators suggest the sideways momentum of the SHIB coin. 

The relative Strength Index showcases the consolidation phase of SHIB coin. RSI is at 50 (at neutrality) and SHIB investors need to wait for any directional change over the daily chart. MACD exhibits the sideways momentum of the SHIB coin. The MACD line is overlapping the signal line and is waiting for any type of crossover.

Conclusion

Shiba Inu’s price declined from a pattern of a falling triangle and entered a phase of consolidation at 2021 lows. The token must devise an escape strategy and must enlist support from buyers. On the daily price chart, it is currently trading with downward velocity. In order to get out of the consolidation period, the coin needs to draw more investors. To allow SHIB to break free of the horizontal range-bound region, the token must marshal forces of bulls. SHIB has been fluctuating between $0.0000071 and $0.000012 over this time. Volume change is below normal and must increase for SHIB to flourish. Technical indicators suggest the sideways momentum of the SHIB coin. RSI is at 50 (at neutrality) and SHIB investors need to wait for any directional change over the daily chart. 

Technical Levels

Support Level: $0.0000071 and $0.00000676

Resistance Level: $0.000012 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 do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.     

This news is republished from another source. You can check the original article here

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