In today’s trading session, Shiba Inu (SHIB) displays a consolidation pattern with a hint of potential upside, drawing cautious optimism from traders. SHIB has shown a notable recovery from its lows earlier in the session, moving from 0.00001038 to a peak of 0.00001045. However, after this peak, the price experienced a pullback, stabilizing around the 0.00001043 level. The pattern suggests a strong resistance near the 0.00001045 mark, with subsequent attempts to break higher being short-lived. The trading volume appears moderate, which supports the price stability after the initial surge.
SHIB trades in a narrow range amid consolidation
The daily chart provides a broader perspective on SHIB’s price action. Over the past few months, SHIB has been trading within a narrow range, highlighting a period of consolidation after the earlier volatility. Currently, the price hovers around 0.00001042, just above a critical support level at 0.00001016. The Relative Strength Index (RSI) is neutral at 45.85, indicating neither overbought nor oversold conditions, which aligns with the ongoing consolidation phase.
The Moving Average Convergence Divergence (MACD) shows a slightly bearish momentum as the MACD line is below the signal line, suggesting cautious trading behavior. However, the closeness of these lines also points to a weakening bearish trend, which might suggest a potential shift if bulls regain control.
The immediate support for SHIB is established at 0.00001016, a level tested multiple times over the past weeks. A more significant support lies at 0.00001000, a psychological barrier and a key level observed over the last quarter. On the upside, 0.00001045 serves as the initial resistance, followed by 0.00001068. Breaking above these levels could signal a shift towards a bullish momentum, potentially leading to testing higher resistances at 0.00001089.
Today’s market bias is cautiously optimistic. Traders may take this opportunity to remain alert to the resistance of 0.00001045. Any activity above this level could bring about the formation of a more fierce bullish position. Alternatively, if SHIB price were to fall below the support level at 0.00001016, the price may bearish tendency to test lower support levels again.
Shiba Inu Hounds Investors With Warning Signs
Shiba Inu (SHIB), however, may now be operating at a severe disadvantage as recent circumstantial developments call for intense scrutiny of investors` positions. As a meme currency that fluctuates in its value with the movement of Bitcoin such as this one without fail (as with every other cryptocurrency), the value plummeted by 7.63% over the last 24 hours, from $0.00001479 to $0.00001366. To add, this other growth in value of the same altcoin was observed together with BTC growth as well that went down by 5.56% during the night which saw over 62000 less than 59000. Once again it is demonstrated how SHIB is focused on other assets of bullion class but only the largest cryptocurrencies as well as how risky investment in memes assets is.
In light of these market conditions, Lucie, who has been identified as the marketing lead of the Shiba Inu team under a pseudonym, put out a rather serious warning to the SHIB community. She called the members of the community to make sure to conduct as much research as possible prior to the time of investing, before tracing the phrase which is more often found in the crypto society or an abbreviated form, “DYOR. Frayers’ alarmist view demonstrates an understanding of victims’ emotions in an easily manipulable market. In the words of this woman, however, it is necessary to appreciate that there are certain risks involved, “Nobody is a friend in the harshest countries of the crypto world and you need to prepare the SHIB army to have constant Adaptability to the volatility of that market.
