Shiba Inu price Analysis: Escaping This Narrow Range Should Bring Directional Move In SHIBA Token
This correction phase has significantly discounted the SHIBA token price as it’s trading 63% lower than the $0.00088 All-Time High. The price is currently stuck in a short consolidation phase, and crypto traders would need a proper breakout from range to grab an entry opportunity for them. Moreover, A piece of good news for these token investors is that the Leading Spanish Cryptocurrency Exchange, Bit2Me, has decided to list Shiba Inu.
Key technical points:
Source- SHIB/USD chart by Tradingview
As mentioned in my previous article on SHIB/USD, the retracement phase in this token breached crucial support of $0.00035 or the 0.618 Fibonacci retracement level, indicating even deeper correction for this token. However, this down rally was interrupted by the $0.00031 mark, indicating the demand pressure below it.
The token price has been wavering between these two levels for almost two weeks now, creating a narrow range in this chart. Once the price breaches either level of this range, the crypto traders can expect a strong directional move to trade.
The technical chart suggests the nearest resistance level for the SHIB price is at 0.00037, followed by $0.0004, $0.00045. As for the opposite end, the support levels are $0.0003 and $0.00023
The SHIB token price is still trading above the 200 EMA line, maintaining an overall bullish trend.
The daily Relative Strength Index (39) has begun a sideways movement similar to the price action, suggesting no dominating activity from either party.Source