Shib’s price has been consolidating for the past two weeks and market participants are wondering how long this will last.
Key Support levels: $0.0000070, $0.0000064
Key Resistance levels: $0.0000075, $0.0000080
1. Consolidation in Progress
The support at $0.0000070 has been holding well so far in September and allowed the price to mode sideways in a tight range between the key levels. This has been ongoing since 11 September and places SHIB in a consolidation phase.
2. When will Volatility Return?
Whenever SHIB’s price consolidates for a while, this usually has an abrupt and violent end that brings a lot of volatility back to it. The current levels in this range will likely not manage to contain SHIB once that happens. With a test of the key support likely, this could be a trigger for that.
3. Bullish Cross Loses Momentum
The daily MACD made a bullish cross in mid-September, but buyers lost momentum somewhat and did not manage to break the resistance at $0.0000075. Since then, the MACD histogram has been making lower highs, which can be interpreted as slightly bearish.
The bias for SHIB is neutral.
Short-Term Prediction for SHIB Price
Shiba Inu could soon re-test the key support. As long as it holds, the consolidation continues. However, if the price breaks away from this range expect attention to return to SHIB very fast.
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Cryptocurrency charts by TradingView.