Signal price

Shiba Inu Price Analysis: When will the SHIB escape the consolidation phase at 2021 lows?

  • Shiba Inu price fell below the descending triangle on the daily price chart.
  • SHIB crypto is currently consolidating at 20 EMA and preparing to recover up to 50, 100 and 200 day moving average.
  • The SHIB/BTC pair is at 0.000000000515 BTC with an intraday decline of 0.65%.

Shiba Inu price declined from a falling triangle pattern and entered a consolidation phase at 2021 lows. The token needs to devise a breakout strategy and gain support from buyers. On the daily price chart, it is currently trading with downward momentum. In order to break out of the consolidation period, the coin needs to attract more investors. The SHIB coin needs to break out of the 2021 lows and resume the chart. The SHIB coin needs to jump towards the upper trendline of the bounded horizontal area to register its breakout.

Shiba Inu price is currently CMP at $0.00001034 and its market capitalization has increased by 2.77% in the last 24 hours. However, during the intraday trading session, the trading volume dropped by 12.34%. This demonstrates that the sellers are trying to push SHIB towards the lower trendline of the consolidation phase. The volume to market capitalization ratio is 0.06388.

In order to break out of the consolidation period on the daily price chart, the SHIB coin price needs to amass buyers. To allow SHIB to break free from the horizontal region bounded by the distance, the token must muster the forces of the bulls. SHIB fluctuated between $0.0000071 and $0.000012 during this period. Volume change is less than normal and needs to increase for SHIB to thrive.

The lower support is at $0.0000071 and the upper resistance is at $0.000012.

Will SHIB come out of the Range?

The price of SHIB coins needs to accumulate buyers in order to register its break from the bounded horizontal area. However, the current trading volume means the token is under short selling pressure. Technical indicators suggest the sideways momentum of the SHIB coin.

The relative strength index shows the consolidation phase of the SHIB coin. The RSI is at 50 (neutral) and SHIB investors should wait for any direction change on the daily chart. MACD features the sideways momentum of the SHIB coin. The MACD line overlaps the signal line and awaits any type of crossover.

Conclusion

Shiba Inu price declined from a falling triangle pattern and entered a consolidation phase at 2021 lows. The token needs to devise a breakout strategy and gain support from buyers. On the daily price chart, it is currently trading with downward momentum. In order to break out of the consolidation period, the coin needs to attract more investors. To allow SHIB to break free from the horizontal region bounded by the distance, the token must muster the forces of the bulls. SHIB fluctuated between $0.0000071 and $0.000012 during this period. Volume change is less than normal and needs to increase for SHIB to thrive. Technical indicators suggest the sideways momentum of the SHIB coin. The RSI is at 50 (neutral) and SHIB investors should wait for any direction change on the daily chart.

Technical levels

Support level: $0.0000071 and $0.00000676

Resistance level: $0.000012 and $0.00001437

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.