- SHIB market experiences low volatility, hinting at possible consolidation.
- Strong bearish momentum persists, but an oversold RSI suggests buying opportunity.
- Increased trading volume and stockpiling suggest the potential for major price changes.
The bearish trend in the Shiba Inu (SHIB) market has been strong in the previous 24 hours, with the price falling to an intraday low of $0.00000996 (support). SHIB was trading at $0.00001002 (a 2.34% decrease) at press time, approaching the resistance level at the 24-hour high of $0.0000103.
If bulls rebound and break over the $0.0000103 resistance, the next goal for SHIB may be the 7-day high of $0.00001072; however, if bears regain control, the price may dip below the $0.0000095 support level.
SHIB’s market capitalization fell by 2.32% to $5,910,473,452, and 24-hour trading volume climbed by 68.13% to $111,583,161, indicating that traders are aggressively buying and selling SHIB tokens in the market, which might lead to more volatility in the near term.
SHIB/USD 24-hour price chart (source: CoinMarketCap)
The SHIB price chart’s Relative Volatility Index (RVI) rating of 23.04 and movement below its signal line indicate that the Shiba Inu market is experiencing low volatility and may be in a consolidation period.
This shift, as well as the increased trading volume, indicate that investors may be stockpiling SHIB in anticipation of a breakout in either direction, which might result in a major price change.
The negative momentum in SHIB remains strong, with a Money Flow indicator rating of 28.72, but if purchasing pressure develops and the indicator goes over 50, it might suggest a move toward a positive trend. However, because it is pointing south, the SHIB price may continue to fall in the short term, and traders should be cautious when considering long positions.
SHIB/USD chart (source: TradingView)
The Aroon down reading of 92.86% and the Aroon up reading of 7.14% on the SHIB/USD price chart indicate that the Shiba Inu price is in a significant downtrend that is expected to continue soon. As a consequence, traders may want to consider shorting SHIB/USD or avoiding long positions until the Aroon values begin to rise.
The Relative Strength Index score of 35.65 and movement below its signal line while traveling south reinforces the bearish view for SHIB/USD, suggesting that selling pressure is likely to persist in the near term.
This RSI level indicates that the Shiba Inu market is approaching oversold territory, implying that there may be a potential buying opportunity for traders ready to accept the risk of a probable trend reversal.
In conclusion, the Shiba Inu market is experiencing strong bearish momentum, but increased trading volume and consolidation suggest a potential for a breakout. Traders should exercise caution and monitor key support and resistance levels.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
The post SHIB Price Consolidates as Traders Anticipate Potential Reversal appeared first on Coin Edition.