Home
News
- Shiba INU price started forming a Bullish candlestick on the 4-hour chart.
- On the daily price scale, buyers managed stability well above the 20-day EMA.
- Trading volume increased by 21% to $115 million in the last 24 hours.
The Shiba INU price action was caught by buyers near the monthly lows in late November. The uncertainty from the cryptocurrency has not subsided yet, as a result of which, there is a lateral movement in the SHIBA price. The meme-coin moves in a tight horizontal range with low volatility, which creates limits for the bulls.
Over the period of the 4-hour chart, Shiba INU price forms a higher-low structure against USDT, while the crypto price is headed towards the 20 simple moving average (bottom of the chart). However, this moving average appears to be a red zone of volatility since late November. As of now, the bulls need to overcome this bullish hurdle to overcome the selling.
Buyers Observe Active in 4 Hour Price Chart
Against USDT, SHIBA price trades at $0.00000919 at press time. Amid pump and dump, buyers lost vital round level of $0.000010, which was the key support before breakdown. Later on, the thighs have changed out and bears have set selling orders in massive quantities at this zone. Thus, the SHIBA price belonging to the Bitcoin pair is slightly down at $0.000000000547 Satoshis.
The trading volume reflects low volatility due to low money inflows. But the volume increased by 21% to $115 million in the last 24 hours. As a result, buyers managed stability well above the 20-day moving average in the letter of the intraday trading session. The market conditions are looking very opposite.
In the context of the daily price chart, the RSI indicator becomes sideways near the semi-line (50 points). A peak above the 50 mark of the RSI could expose the investors to massive buying pressure.
Conclusion
As long as SHIBA INU holds above the 20-day moving average, buyers can make higher lows. But a break below this key immediate support level could trigger a decline for buyers towards an important hedge zone.
Support level – $0.0000085 and $0.000007
Resistance level – $0.000010 and $0.000015
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
