Shiba Inu’s Flat Price Action
The price of Shiba Inu (SHIB) has remained flat over the past two weeks, with no significant movement. However, this could be a calm period before a potential storm. The support level at $0.000087 has held strong, and there is a possibility that buyers may attempt to challenge the resistance level at $0.0000095 in the near future.
Decreasing Volatility and Volume
Since its recent high in December, SHIB’s volume has been steadily declining. Additionally, volatility has decreased significantly, indicating that pressure may be building for a major price move in the future.
Sideways Movement of MACD
The MACD histogram on the daily timeframe for SHIB is currently flat. This is expected as the price has been moving sideways for some time. However, there was a bullish cross of the MACD moving averages in late January, which is a positive signal for buyers.
Neutral Bias
The bias for SHIB is currently neutral, suggesting that there is no clear direction for the price at this time.
Short-Term Prediction for SHIB Price
In order for the price of SHIB to increase, buying volume needs to return. Until then, it is likely that the sideways movement will continue.
Hot Take: Shiba Inu’s Potential Breakout
Shiba Inu’s current flat trend may be deceiving, as there are indications of a potential breakout on the horizon. With decreasing volatility and volume, as well as a promising bullish signal from the MACD moving averages, it’s possible that SHIB could make a significant move in the near future. Keep an eye on the support and resistance levels mentioned earlier to gauge the potential direction of the breakout. However, it’s important to note that market conditions can change quickly, so it’s always wise to stay updated and be prepared for different scenarios.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.