• Shiba Inu (SHIB) has been consolidating around the $0.0001 mark with no sign of a breakout yet.
• Technical indicators are predicting a significant price action in the near future, with prices possibly reaching as high as $0.000012 initially.
• The buying pressure is not yet strong enough to propel the SHIB price beyond current levels and bears may take advantage of this weakness.
Shiba Inu Consolidates Around $0.0001
Shiba Inu (SHIB), one of the most popular meme coins within the crypto space, has been consolidating around the $0.0001 mark with no sign of a breakout yet. Despite decent trading volume, prices remain elevated at yearly highs above $0.000015 but have since dropped hard below the crucial level of $0.00001 due to lack of bullish momentum.
Technical Indicators Predicting Significant Price Action
Technical indicators are predicting a significant price action in the near future, with prices possibly reaching as high as $0.000012 initially and then testing higher levels if buyers manage to build up sufficient strength for a sustained rally. Currently, Shiba INU is trading within a symmetrical pennant and is very close to encountering its edge; however, buying pressure has not mounted sufficiently which could lead to bears taking advantage of this weakness and breaking out from the triangle formation downwards.
Average Directional Index (ADX)
The Average Directional Index (ADX) is sliding down while Relative Strength Index (RSI) has rebounded from lows but failed to lay down a strong upswing – both pointing towards an ongoing consolidation period before any major price movement can be seen on either side of the chart.
Pivotal Levels
Taking into account all technical indicators, support sits at $0.00001009/$0.00001030 while resistance lies at $$0.00001180/$0