- SHIB is trading with significant resistance at $0.00001225 and an upward expansion has been limited despite having multiple bullish candlesticks.
- A decrease in 24-hour trading volume by 0.88% and withdrawal of early buying and going-being indications of more careful actions of investors.
- Activity in the broader crypto market, primarily the stabilization of Bitcoin and the trading of NFT, could well fuel the breakout of SHIB.
Shiba Inu (SHIB) is still hovering in a consolidation range with the corresponding price of $0.00001225 after only making a 0.88% decline. While experiencing some high volatility throughout the day, the token has failed to break the $0.00001225, which intensified the bulls and bears’ indecision due to low trading activity and limited movement.
Technical Indicators Signal Tension as SHIB Hovers Near Key Levels
Currently, Shiba Inu (SHIB) remained confined to a specific range, and at present, the price of SHIB is $0.00001225 which showed a day’s negative change of 0.88%. However, seeing that we have and will continue to observe a downward movement since December 2024, it is safe to conclude that bearish pressure is still the prevalent trend. The RSI of the stock stands at 49.67 which is also in the middle of the neutral region which implies that there was not much buying or selling pressure. the market peaked at 43.83 indicates slightly higher buying pressure.
Source : Tradingview
On the moving average convergence divergence, it indicates a very slight bull signal, whereby the MACD line is above the signal line. This is valid by the shift in the histogram in the positive area thus suggesting an upward short-term movement. However, owing to low volumes and several previous attempts that have been made in this direction, traders keep a careful eye. The ability to get past the $0.00000032 would lead to the reactivation of buying interest while a break below $0.00000032 would solidify the bearish signal. Market players are waiting for the emerging trends and much stronger signals that will send the market in the next big direction.
The global cryptocurrency market capitalization has majorly crossed $911B and risen by 3.83% as perceived from the IntoTheBlock last dashboard. This is because the BTC is today trading at $85,153.7and up by 0.68% daily coupled with large transactions which has also surged by 0.69% which is an indication that institutional investors are back in the market.
Source : IntoTheBlock
They revealed stablecoin flows worth $489.12 million and supply worth $130.26 billion as overall market saturation increases before the Bitcoin halving. There is also significant interaction with the NFT sector, which stands at the level of $69.18 billion in trading volume. However, the social sentiment is still bearish which is supported by “Mostly Bearish” signal, even though it is receiving good scores in terms on-chain activity and traders’ distribution.
SHIB Price Analysis
Shiba Inu (SHIB) remains confined in a consolidation stage, being at $0.00001225 at one point today declined by 0.88% intraday as per the details from CoinMarketCap. The one-day chart shows that the price is oscillating in a narrow range, showing the packed waveform and no clear trend which indicates the market is still in confusion. Although rising to an intraday high of $0.00001234, the token never continued its upward trend as time and again it was resisted at $0.00001230.
Source: Coinmarketcap
The trading volume, more specifically, the average trading volume over the 24 hours up to the time of writing, was $98.78 million, down by 0.88%. As of now, Shiba Inu’s market cap is at $7.22 billion and has a circulating supply of 589.5 trillion SHIB. all eyes are on the lookout for the next catalyst for the consolidation phase near the support level.
