TLDR
- The SHIB price has crafted a falling wedge on the chart, which often points to a bullish trend and may indicate potential upward movement soon.
- Currently, SHIB is trading around $0.00001581, reflecting a slight uptick of 0.96% over the past day.
- There's strong support for SHIB at $0.000015, with significant resistance expected at $0.000018.
- Technical indicators like Bollinger Bands are indicating that SHIB might have hit a local low after a 14% downturn.
- If the bullish momentum holds, price targets of $0.00002913, $0.00003612, and $0.00004401 have been projected.
Shiba Inu (SHIB) is showing early signs of bouncing back, having stabilized above a key support level. Market data reveals SHIB is holding at $0.00001581, marking a modest 0.96% rise in the last 24 hours.
After experiencing a 14% drop recently, SHIB is sustaining itself above $0.000015, indicating that buyers are still actively interested at this price point.
SHIB Price
The formation of a falling wedge on the charts, typically a predictor of price gains, has captured the attention of market watchers.
The current trading range shows SHIB Prices are oscillating between $0.000014 and $0.000018, with the lower level serving as a hard-pressed support. Buyers' interest has been noticeable, preventing further drops.
Market data indicates that SHIB’s r Recent price movement touched the lower Bollinger Band, an indicator used to gauge market volatility, leading to a subsequent 9% rise after hitting $0.00001462 last Friday.
The weekly chart's Bollinger Bands analysis is of particular interest. In past instances, touching the lower band has led to a significant 28% increase in just under a week.
MACD readings present a somewhat ambiguous picture. Though the MACD line is below the signal line, hinting at some bearish moods lingering, experts believe that continued buying could spark a bullish shift.
Trading volumes have remained consistent during this consolidation phase, showing that traders are keenly observing price movement for breakout possibilities, especially concerning the $0.000018 resistance spot that's a key level for more upward movement.
Should buying pressure rise, pushing SHIB past current hurdles, we see price targets at $0.00002913, $0.00003612, and $0.00004401, which align with past support and resistance actions.
The major obstacle is the $0.000018 resistance, which has often stalled upward momentum. Overcoming this could suggest the market is swinging towards a more bullish sentiment.
Shorter timeframes show the median Bollinger Band sitting at $0.0000178 on the daily chart, with a position at $0.0000217 on the weekly view, outlining a potential rise of between 13% and 38.9% from where we stand now.
The support level of $0.000014 remains vital in sustaining the present price scenario. A dip below might amplify selling pressures, risking damage to the current bullish setup.
There's an accumulation zone around the $0.000015 area, where keen buyers have shown interest, helping to create a safety net amid ongoing market swings.
The market closely observes the $0.00002000 level, a prior strong support turned resistance. Surpassing this psychological level may spur more buying and advance the price climb.
