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.
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.
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.
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.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.