The momentum of Shiba Inu was just built a week before Robinhood’s listing caused it to soar by 35%.
The wider market continues to show weakness, as Bitcoin is struggling below the $40,000 mark. At press time, Ethereum was also priced at $2900. In the last trading session, Ethereum was priced at $3000.
At the moment, the meme-coin seems to be consolidating. SHIB is currently priced between $0.00002000 & $0.00003000, respectively.
The consolidation has had a negative impact on buying strength. In the 24 hours since the consolidation, Shiba Inu has lost 3% and depreciated by 7.7% over the week. With a 1.4% drop in 24 hours, the global cryptocurrency market cap stood at $1.93 trillion.
Shiba Inu Price Analysis: One-Day Chart
Shiba Inu prices were $0.00002369 as of the date of this writing. The prices have been fluctuating for some time. As the chart’s short-term read shows bearishness, buyers have decided not to buy the meme-coin. On the one-day charts, however, it flashes an optimistic pattern.
The above chart displayed the “Adam” and “Eve” pattern continuously for the 109th day and it continues to exhibit the same. This formation is considered bullish.
Two distinct valleys have appeared on charts. They are called Adam (Triangle) or Eve (SemiCircle). SHIB will experience a breakout at $0.00003289 and aim to reach $0.00004436, which would represent a 60% increase from its current level.
The nearest support line is $0.00002068 if Shiba Inu loses value.
Metaverse Madness – Watch these 3 Metaverse Coins – The Sandbox, Shiba Inu and Pac-Man Frog (PAC).| Metaverse Madness: Watch These 3 Metaverse Coins – The Sandbox (SAND), Shiba Inu (SHIB), Pac-Man Frog (PAC)
Technical Analysis: Four hour Chart
Consistent consolidation leaves buyers with a choice: HODL, or sell. The chart above shows that buying power has fallen significantly over the last week. SHIB may surpass its current price and drop to the next floor in the next trading session.
SHIB fell below the 40 mark on the Relative Strength Index. This would quickly make it to the territory of the oversold. SHIB may fall even further if it reaches the oversold level. Chaikin Money flow, which is used to determine capital outflows, suggested that there were less inflows than outflows.
SHIB’s prices were settled below the 20-SMA line since the past week and was the same at press time. The market was controlled by sellers and the momentum of prices was controlled. These readings also confirm the market’s bearishness.
The Awesome Oscillator indicates the current price momentum for the coin. AO indicated negative price movement by showing red histograms beneath the half-line. SHIB could be helped by a resurgence in buyers to get out of its price consolidation.
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