The ongoing retracement phase has discounted SHIB’s price significantly. The meme coin trades 63% away from lower from its ATH of $0.00088. For now, the price experiences a short consolidation period, and crypto investors would require a decisive range breakout for an entry opportunity. Furthermore, Shiba Inu received positive sentiments after the leading crypto exchange in Spain, Bt2Me, listed the coin.
Vital Technical Points
- Shiba Inu’s price secured a dependable support level at 100-EMA.
- For now, the dog coin’s price hovers at $0.00033.
- Meanwhile, the SHIB’s intraday volume stands at $1.8 billion.
Shiba Inu’s retracement phase saw the canine-themed coin breaching the critical support at $0.00035 (0.618 FIB retracement area). That confirmed a deeper fall for the alt. However, the $0.00031 level interrupted the downward spree, showing demand strength beneath the level.
The canine-themed crypto has seen its price wavering inside these levels for about two weeks now, forming a constricted range on the price chart. Meme coin enthusiasts can expect a massive directional move once the token breaches either wall of the SHIB range.
According to the technical chart, Shiba Inu has its closest resistance zone at $0.00037, then $0.0004, and $0.00045. On the other part, the support areas stand at $0.0003, then $0.00023.
SHIB’s Technical Indicators
Shiba Inu still trades beyond the 200 Exponential Moving Average, flashing a bullish trend. The daily RSI (39) started sideways price actions, confirming neither bulls nor bears control. Global market sentiments will tell SHIB’s upcoming direction.
For now, the crypto market trades on bearish waves amid inadequate sentiments to trigger upside price movements. BTC trades on downward mode at $46,915. Keep in mind that a Bitcoin move past $50,000 is necessary to catalyze upswings in the crypto space.
Shiba Inu will join the dipping bandwagon if the global crypto space maintains the current downward trends. Also, SHIB requires lucrative platform developments to keep up with the competition. That can mean introducing lucrative features, like adding utility value.
However, the meme market has seen a positive mood recently. That was after Elon Musk declared Tesla would accept Dogecoin payments. Nevertheless, DOGE venture into downtrends as the new fade.