• This article discusses the recent price action of Shiba Inu (SHIB), a popular meme coin, which has seen its prices fluctuate between $0.000015 and $0.00001.
• Technical indicators suggest that SHIB is currently trading within a symmetrical pennant, indicating that there may be some potential for an eventual breakout from the consolidation.
• The buying pressure has not yet mounted to the required levels, which could lead to further losses if it is not addressed soon.
Overview of Shiba Inu (SHIB)
Shiba Inu (SHIB) is one of the most popular meme coins in the crypto space, having experienced significant price action in early 2023. It saw its yearly highs above $0.000015 before losing steam and dropping below $0.00001. Since then, however, bulls have sparked a slight rebound as prices remain restricted below $0.000011.
Technical Analysis
The Shiba INU price is currently trading within a symmetrical pennant and is very close to encountering the edge of the consolidation The price from the past few days is trading along the lower support of the triangle, indicating a slight weakness in the strength of the rally as indicated by Average Directional Index (ADX). Alongside this, Relative Strength Index (RSI) has rebounded from lows but failed to lay down strong upswings – suggesting that prices may remain within this consolidation phase until buying pressure mounts significantly.
Pivotal Levels
The following table outlines some key levels for SHIB:
LevelsValue (4hr/1D)Resistance$0.00001180 / $ 0.00001475Support$ 0 . 00001009 / $ 0 . 00001030Moving Average (MA) – 50$ 0 . 00001077 / $ 0 . 00001206Moving Average (MA)-200$ 0 . 00001151 / $ 0 . 00001068
Potential Price Action
As per technical indicators, there are signs that SHIB might break out from its current consolidation phase – with prices reaching initially reaching around $0.000012 before testing higher levels than before if buying pressure continues mounting steadily over time..
Conclusion
Overall market sentiments for Shib indicate that it may break out of its current consolidation soon enough; however buyers should still exercise caution before investing too heavily given that current buying pressure remains relatively low and could lead to further losses if not addressed quickly enough
