|

Shiba Inu Price Prediction: SHIB stuck in no-trade zone

  • Shiba Inu price remains stagnant, without clear direction. 
  • The Bollinger Bands are squeezing on the daily chart while there is low trading volume.
  • Only a break above $0.0000286 can push SHIB into a new uptrend.

Shiba Inu price enjoyed an impressive bullish impulse in February. Since then, SHIB bears have regained reasonable control, holding prices just above the origin point of the breakout. 

Shiba Inu price continues to consolidate

Shiba Inu price has experienced significant profit-taking since February. Regardless, the low volume on larger time frames does NOT suggest that bears are in control of SHIB. Further evidence of a no-trade zone is being displayed on smaller time frames as the Bollinger Bands have begun to squeeze Shiba Inu price notoriously.  

Traders should regard this current chart development as a deep consolidation and stay away until more evidence of a buy signal is shown.

Shiba Inu Price Chart

Shiba Inu Daily Chart

Bearish traders should wait for the February 24’s swing low at $0.0000207 to get broken before considering opening a position. Alternatively, a break above the swing high printed on March 1 at $0.0000286 will signal a bigger price move towards the $0.0000365 and $0.00004 zones.

Author

FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

More from FXStreet Team
Share:

Editor's Picks

Mixed signals leave XRP and XLM at crossroads

Ripple and Stellar are trading at critical technical levels on Thursday. XRP has stabilized above the psychological $1.00 support, while XLM is testing support at $0.173. Traders should be cautious as mixed derivatives metrics keep the outlook uncertain for both altcoins. Derivatives data shows mixed sentiment among traders. CoinGlass’ long-to-short ratio for XRP reads 1.02 on Thursday.

Robinhood revenue climbs 32% to record $1.3B in Q2, crypto earnings decline 38%

Robinhood hit record revenue for the second quarter of the year, with total net revenue rising 32% year-over-year to $1.31 billion, according to its earnings report on Wednesday. The exchange witnessed strong growth across equities, options and event contracts.

Bitcoin trails US Dollar as Fed holds rate steady

The Federal Reserve kept its benchmark interest rate unchanged at 3.50% to 3.75% at its July meeting on Wednesday, in line with market expectations. Minutes from the meeting showed that economic activity has been expanding at a solid pace despite elevated uncertainty. The central bank also noted that job gains have "kept pace with the workforce."

Ethereum: Can Fed decision unsettle the calmness in ETH?

Ethereum climbed above $1,900 on Wednesday following the Federal Open Market Committee's (FOMC) decision to leave interest rates unchanged at 3.50-3.75%. The decision follows a quiet derivatives and spot market for the top altcoin, with traders waiting for the decision before making a move, according to CryptoQuant analysts.

Bitcoin: BTC holds firm, but the $100 Oil threat could change the game
Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.