Bitcoin

Is SHIB Preparing for a Massive Move? Three Things to Watch This Week (Shiba Inu Price Analysis)

1 Mins read

Shiba Inu is currently in a flat trend, but this could be the calm before the storm.

Key Support levels: $0.0000087

Key Resistance levels: $0.0000095

1. Flat Price Action

In the past two weeks, SHIB’s price has been moving sideways between the key levels. So far, the support at $0.000087 has held well and buyers could attempt to challenge the resistance at $0.0000095 in the near future.

SHIBUSDT_2024-02-06_16-08-07
Chart by TradingView

2. Volatility and Volume Decreasing

Since the most recent high in December, Shib Inu’s volume has been declining. Most recently, volatility has also decreased substantially, with barely any significant moves. This could indicate pressure is building up for a major move later on.

SHIBUSDT_2024-02-06_16-08-35
Chart by TradingView

3. MACD Moving Sideways

The MACD histogram on the daily timeframe is flat. This is expected, considering the price has been moving sideways for some time. Nevertheless, the MACD moving averages painted a bullish cross in late January, which is a promising sign for buyers.

SHIBUSDT_2024-02-06_16-09-14
Chart by TradingView

Bias

The bias for SHIB is neutral.

Short-Term Prediction for SHIB Price

Buying volume has to return to SHIB if the price is to move higher. Until that happens, this sideways movement is likely to persist.

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Cryptocurrency charts by TradingView.


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