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- Shiba INU price is emerging higher while the bulls manage an ascending trend line.
- Trading volume has fallen by 10% in the last 24 hours to $75 million.
The market capitalization of SHIBA INU has again exceeded $5 billion in the last 24 hours. The famous meme-coin Shiba INU is looking in recovery mode after reversing from the demand zone. However, this buying pressure is not enough to spark a rapid bullish recovery, but it is still better than a sustained downtrend.
As at press time, the SHIBA INU price is trading at $0.00000923 against the USDT pair. However, the price has been witnessing volatility since the past several days due to low trading volumes. Only long term investors are holding their positions and swing traders are completely avoiding trading in meme-coin.
The 2 hour price chart shows the higher-low price structure in the chart. Buyers have connected swing lows which paints the ascending trendline (above the chart). Although, SHIBA INU price has been struggling in a narrow sideways range for the past several days. On the higher side, bears await for another sell-off closer to the conceptual round level of $0.000010.
Buyers have a vital demand zone near the $0.0000070 to $0.0000075 zone. Unfortunately if SHIBA INU price fell below the support trendline then buyers will definitely try to hold assets at this level.
Since the beginning of December, the price of SHIBA INU has remained above the 20-day moving average so far. Above the zone, buyers barely kept the cryptocurrency in check to avoid further declines. Meanwhile, trading volume is low at $75 million, down 10% over the past 24 hours.
Buyers are scared to make another as long as volumes are very low. Furthermore, the Relative Strength Index (RSI) is fluctuating just below the 50 mark, which is completely showing sideways movement.
Conclusion
Weak market conditions seem to be driving the lateral movement of SHIBA INU price. So far, the price of SHIBA INU is holding above 20 DMA and the bulls must hold this support level to defend it.
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
