• Shiba Inu price has held to a support zone in the $0.000020 value area.  
  • Extremely tight trading range since Tuesday.
  • A 20% drop is coming up if SHIBA fails to hold $0.000020.

Shiba Inu price has traded in an extremely constricted and thinly traded price range for the last four trading days. The consolidation is evidence of an upcoming breakout – but the direction remains unknown.

Shiba Inu price stubbornly maintains support as bulls and bears retreat from SHIBA

Shiba Inu price faces the twelfth consecutive day of a daily candlestick close below the Tenkan-Sen. While the Volume Profile has developed a high volume node, SHIBA could quickly push lower and towards a much lower low, suggesting a solid future support zone.

From an Ichimoku Kinko Hyo perspective, Shiba Inu has zero upcoming support on the daily chart. Shiba Inu price is below the Cloud (Senkou Span A and Senkou Span B), the Tenkan-Sen, and the Kijun-Sen. Future Senkou Span A is below Future Senkou Span B, and the Chikou Span is below the candlesticks in open space. In other words, within the Ichimoku system on the daily chart, SHIBA is in price discovery mode and has a free hand to keep moving lower.

The nearest Ichimoku support level for Shiba Inu is on the weekly Ichimoku chart. Senkou Span A at $0.000007 is the closest Ichimoku support level for Shiba Inu price. However, a massive bounce could occur at any moment. The oscillators support a bullish breakout if one occurs.

The daily Composite Index has bounced off of all-time lows and looks prepared to cross above both of its averages. At the same time, the Relative Strength Index is right on top of the first oversold level in a bear market at 30.

SHIBA/USDT Daily Ichimoku Kinko Hyo Chart

To generate any hint of termination of this current downtrend, Shiba Inu price will need a daily close above the Tenkan-Sen, Kijun-Sen, and the Volume Point Of Control. A close at or above $0.000027 would put Shiba Inu above the Tenkan-Sen, and Kijun-Sen but right on top of the Volume Point of Control. In that scenario, SHIBA would have the base of support to lift SHIBA to test $0.000034.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Can Solana price enter a 50% relief rally?

Can Solana price enter a 50% relief rally?

Solana price is in the beginnings of a quick recovery rally that could propel it back to levels that were last seen nearly two weeks ago. Two technicals back the claim for why SOL could be ready for this ascent.

More Solana News

Ethereum Price Prediction: ETH will sweep the lows at $1,500

Ethereum Price Prediction: ETH will sweep the lows at $1,500

Ethereum price displays reasons to believe in a ‘sweep the lows’ event in the coming days. Traders should approach the smart contract blockchain with caution.

More Ethereum News

Assessing the possibility of a 40% upswing for Cardano

Assessing the possibility of a 40% upswing for Cardano

Cardano price is in a spot favorable for the bulls and short-term traders as a rally might be in the works. A minor retracement will allow interested buyers an opportunity to accumulate ADA at a discount before catalyzing an explosive uptrend.

More Cardano News

Bitcoin Weekly Forecast: The last rebound before capitulation

Bitcoin Weekly Forecast: The last rebound before capitulation

Bitcoin price is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the highier time frames suggests that the bottom is not in yet.

More Bitcoin News

Bitcoin: The last rebound before capitulation

Bitcoin: The last rebound before capitulation

Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.

Read full analysis

BTC

ETH

XRP