The price of Shiba Inu (SHIB) continues to show signs of consolidation, resting between key levels of support and resistance. This article will examine current trends and potential scenarios.
Current Situation on the Daily Chart
On the daily chart, Shiba Inu's price has managed to climb back above the 50-day and 100-day moving averages, currently hovering between $0.00001428 and $0.00001481. Attempts to break through the resistance level at $0.000016 were unsuccessful, indicating a strong barrier. Meanwhile, higher lows are being formed, and candle formations are flattening, which could predict significant movements.
Short-Term Analysis on the Hourly Chart
On the hourly chart, the Shiba Inu price recently faced rejection from around $0.00001560, leading to a sharp drop. Currently, it is ranging between $0.00001420 and $0.00001450. The convergence of the 50-SMA and 100-SMA at the $0.00001440 level represents a critical make-or-break point. The trading volume has significantly decreased, indicating that traders are waiting for confirmation.
Possible Future Price Scenarios
If SHIB breaks above the $0.000015 level, targets of $0.00001610 and $0.00001800 are anticipated. Conversely, a drop below $0.00001400 could steer the price towards the next support at $0.00001320. The overall picture indicates that SHIB is in a neutral state, awaiting potential significant movements in either direction.
Thus, Shiba Inu's price remains in a consolidation range. Future movements will depend on breaking through key levels, which may result in significant price fluctuations.
