Following a market correction, the price of Shiba Inu Coin moves sideways and has a direct impact on the trading volume and price ranges while investors focus on the crucial support zone at $ 00002 as a possible signal of the expected rally.
As a whole, a significant downturn in the broad crypto market led to large corrections of the second largest meme coin–SHIB — which fell by 2% and was priced at $0 00002148 during US trading time on Thursday.
Shiba Inu experiences a minor 1. an increase of 79% in trading volume, with $765. 61 million, however, it reduces its market capitalization by 1. 89% to approximately $12. 66 billion, it is ranked the 11th most valuable cryptocurrency.
Shiba Inu Coin Price Outlook: Some Lights at the End of the Tunnel?
SHIB has been predominantly range-bound over the past few days but registered a 16% decline over the past week, with the bears continuing to dominate to breach the $0. 000025 resistance level to prices and have shed approximately 8% in the last 30 days on average.
Bitcoin’s price drop below the $70,000 level saw its price drop by 5% in the past week and affected other prominent coins such as Ethereum, with a fall of nearly 9%, instigating a decline in the cryptocurrency market.
The last activity on the chain shows significant swapping of Shiba Inu tokens, where major players have transacted 4. 29 trillion tokens that would be brought to the Coinbase platform, indicating possible market trends.
The mere entry of SHIB into an exchange means that it will attract sell pressure, and prices are expected to drop as traders analyze the impact.
Unlocking Market Dynamics and Price Trends: A Deep Dive into Meme Coin Technical Indicators
With the Shiba Inu price hovering right at the decisional $0. 000022 resistance, a given eruption can provoke a shift in dynamics towards $0. 000025, which may lead to the subsequent increase towards the desired $ 00,000. 00003 milestone.
High selling pressure can force the price of Shiba Inu back to the figure of $0. 000021, with negative changes in the market affecting it and bringing it down to $ 0. 00002, thus confirming a bearish outlook as the downward thrust gains further velocity.
The MACD on the chart of SHIB shows a convergence with the signal line, which suggests that the altcoin is in a consolidation phase and it is high time to prepare for a possible slowdown or reversal of the momentum.
Thus, as the MACD line is below the signal line, which means weak bullish pressures at the moment, and the RSI is at 37, which is in the middle of a neutral spectrum, Shiba Inu (SHIB) is currently in a rather balanced climate, with cautious trends.
Since oscillators and the moving averages on the daily chart are bearish or signal a sell on a daily basis, and since the 50-EMA is also above the 20-EMA, the market expects a downward trend.
