Shiba Inu (SHIB) is currently trading at $0.00001226, and the price has gone up by 1.07% over the past day. Its trading volume, however, has fallen by 24.55% and now stands at $258.94 million. In spite of this fall in trading activity, the price has recorded a marginal positive trend.
Source: CoinMarketCap
Over the past seven days, SHIB has declined by 5.96%. This declination shows the overall adverse trend on the coin in the long term. Although the new daily growth is positive, the overall weekly performance is negative.
Crypto analyst Jonathan Carter highlighted that SHIB is trading in a descending triangle. As long as the price does not break below the support at $0.00001200, there is a possibility of an upswing to levels of $0.00001420, $0.00001600, and $0.0000205. This, however, depends on a positive bounce through the support level.
Source: X
Furthermore, another analyst, SHIB Mortal, mentioned that SHIB is poised to experience a bullish reverse at the recent support level. This period of consolidation may result in a more vigorous price advancement in case of a resurgence of buying power. The traders will be keen on observing the price action to see signs of this reversal.
Source: X
The Relative Strength Index (RSI) is 41.72. This shows that the coin has not been overbought nor oversold. A smaller value of RSI is usually an indication of oversold, whereas a larger value would be a representation of overbought. The current RSI indicates that investors are neutral in their positions regarding the direction of the coin in the short term.
Also Read: Dogecoin (DOGE) Price Holds $0.23 Support, Eyes Breakout to $0.38
The Moving Average Convergence Divergence (MACD) indicator indicates a weak downward movement. The MACD value stands at -.00000013 and the MACD line falls below the signal line. This demonstrates the continued bearish behavior of SHIB. The histogram is predominantly red, so it is evident that the selling activity prevails in the market.
Source: TradingView
According to the CoinGlass data, the trading volume is decreasing sharply, having decreased by 43.93%, reaching the current level of $179.68 million. The open interest was also down by 5.69% to $191.92 million. The changes suggest a shift toward slowness in the market movement, which would impact the price movement of the coin.
Source: CoinGlass
The Open Interest-Weighted Funding Rate is 0.0051%. This value also indicates less involvement in the market. These factors together might restrict the movement of prices unless there is an improvement in market activity.
Also Read: Solana’s Bullish Momentum: Can Key Support Levels Trigger a Powerful Rally?
Also read: Crypto News Today: Chainlink Rose Too Fast Say Experts As PayFi Altcoins Such As Remittix Surge Up Crypto Rankings
