Shiba Inu (SHIB) contemplates upswings as the meme coin consolidates around the crucial support territory at $0.000023. The Dogecoin competitor looks for a breakout within the symmetrical triangle setup as the price nears the inflection zone.
- Shiba Inu sees modest losses during weekends.
- The meme coin consolidates within the symmetrical triangle with dependable support of around $0.000023.
- Bulls might target the 50-day Exponential Moving Average at $0.000026.
According to the daily chart, the volume supports price upsurges by Shiba Inu. The alt opened lower in today’s session before testing the levels at $0.000023 with above-average volume. Remember, increased volume plus surging prices means a bullish signal for SHIB.
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- Relative Strength Index
The daily RSI hovers around 45, exhibiting a neutral outlook as it hovered around the average line. The time momentum indicator has moved along the ascending trend-line since 4 February.
- Moving Average Convergence Divergence
The MACD stayed beneath the midline, highlighting increased bearish strength.
- Trading Volume
The on-balance volume shows consolidating volumes as price plummets.
Moreover, a decisive close beyond the triangle’s upper trend-line will clear the path towards the horizontal resistance obstacle at $0.000030. Contrarily, a downside break of the symmetrical setup would see the alt retesting February lows around $0.000020. Further declines would see SHIB hitting 22 January lows of $0.000017.
Shiba Inu’s price lost roughly 80% from ATHs registered on 28 October to SHIB’s January lows. After that, the canine-themed token climbed to swing peaks of $0.000035 amid surged buying pressure. However, bulls lack the motivation to rally past the level. While publishing this content, Shiba Inu traded at $0.000023, following a 3.07% 24-Hour plunge.
SHIB/USD 1-Day Analysis – Market Squeezes
SHIB’s 1-day price analysis paints a bearish outlook for the meme token. Moreover, market volatility seems to follow downside trends, making SHIB less prone to volatility change. That way, Bollinger’s upper banks serve as SHIB’s resistance at $0.00003037. Conversely, the band’s lower limit acts as support at $0.00002141.
While publishing this content, the crypto market battled bearish movements following the recent slump. The global market cap stands at $1.76 trillion, following a 0.36% drop over the previous day.
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