Home
News
- 1 Shiba Inu price prediction highlights the consolidation phase of SHIB crypto at the lower level.
- 2 Shiba Inu coin is trying to surge towards the 20, 50, 100 and 200-days daily moving averages.
- 3 The SHIB army has been waiting for so long to initiate SHIB crypto’s recovery phase and let it surge from the lowest to reach the $0.01 mark someday.
Shiba Inu price prediction suggests the likelihood of a significant upward movement once SHIB crypto breaks out above the upper limit of its consolidation phase. Shiba Inu coin price has remained within a horizontal range on the daily chart.
However, the SHIB coin found itself constrained within this range after a drop from the $0.00000848 recovery level. The decrease in trading volume indicates a decline in SHIB crypto.
For SHIB coin’s price to make a significant upward move, it needs to attract more buyers and breach the upper boundary of the consolidation phase. Additionally, a breakout above a specific resistance level is required to initiate its recovery on the charts.
Shiba Inu price was at $0.00000732 and lost 0.68% of its market capitalization intraday. Trading volume decreased by 9.45% intraday. This demonstrates that sellers are present in the trade to pull SHIB crypto downwards. The volume-to-market cap ratio was at 1.72%.
Will Shiba Inu Price Initiate its Recovery Phase?
Shiba Inu price prediction indicates that SHIB crypto is currently in a consolidation phase following a decline from the $0.00000848 level, with its price confined within a horizontal range. Shiba Inu coin price has been trading within the $0.00000704 to $0.00000758 price range.
The trading volume has been low. Additionally, Shiba Inu coin price is currently below the 20, 50, 100, and 200-day daily moving averages.
Over the past week, Shiba Inu price registered a 0.41% gain, but it faced a notable decline of 10.17% within the month. Furthermore, SHIB coin has experienced a 4.06% slump over the last three months and a significant 32.13% drop in the past six months. Year-to-date, Shiba Inu coin price is down by 9.06%. These trends indicate that 2023 hasn’t been favorable for SHIB crypto.
Technical indicators indicate that Shiba Inu cryptocurrency is currently in a consolidation phase. Both the relative strength index (RSI) and the moving average convergence divergence (MACD) confirm the sideways movement of SHIB crypto.
With the RSI at 44, it remains flat and below the neutral point. Additionally, the MACD is slightly above the signal line. Investors considering Shiba Inu cryptocurrency should consider waiting for the Shiba Inu coin price to breach the $0.00000758 resistance level before making decisions.
Summary
Shiba Inu price prediction suggests the potential for significant upward movement once SHIB crypto breaks out above the upper limit of its consolidation phase. Shiba Inu coin price is within the $0.00000704 to $0.00000758 price range. Year-to-date, Shiba Inu coin price has decreased by 9.06%. These trends indicate that 2023 hasn’t been favorable for SHIB crypto. Technical indicators indicate that Shiba Inu cryptocurrency is currently in a consolidation phase.
Technical Levels
- Support Levels: $0.00000720 and $0.00000704
- Resistance Levels: $0.00000750 and $0.00000758
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
