- The Shiba INU price is still dominated by hedge traders as it remains in a narrow horizontal range.
- The Money Flow Index is moving towards the extreme greed zone above the 80-level.
- SHIB token trading volume fell 10% to $365 million in the past 24 hours.
The price of Shiba INU (SHIB) has been completely sideways for the past several days after a sharp decline in 2022. Amid the collapse of the entire crypto market, buyers managed to hold the SHIB asset price above the 2022 low of $0.000000516 mark.
Over the past few days, the SHIB token has been trading higher with a higher-low formation on the daily price scale. Despite this fact, the SHIB crypto is looking within the horizontal range, where the $0.0000013 mark was an important hedge area for the bears.
The SHIB token is now hanging towards the upper level of the limited horizontal range. The price action is absolutely sideways. Meanwhile, the price was trading at $0.0000117 at the time of writing.
Meanwhile, the SHIB token’s market value declined 0.6 percent in the previous 24 hours to $6.4 billion, as per CMC. Despite the fact that the whole crypto industry has been in the red for the past several months, SHIB has been behaving well and has grown its price by 31%. Having said that, many cryptocurrency investors have begun to take SHIB carefully. Furthermore, the Money Flow Index is approaching the extreme greed zone above the 80-level.
SHIB Price Seems to be Extreme Sideways Near Resistance
The RSI indicator is showing a bullish bias for the Shiba Inu token. Buyers have a chance to make money until the RSI peak reaches the overbought zone. Similarly, the MACD moves well in the positive zone during the daily price scale.
Conclusion
As long as its price remains within a narrow horizontal range, buyers may not make good returns in Shiba Inu. However, the RSI and MACD indicators are showing a bullish bias for the SHIB coin.
Support level – $0.0000070 and $0.000005
Resistance level – $0.000013 and $0.000020
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
