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 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
FXStreet
