Amidst geopolitical issues like the Russia-Ukraine war, the Shiba Inu (SHIB) price shows robust volatility over the past few days. The seller had recently slumped the coin price to a prior support level of $0.0000236. However, both parties are struggling to make significant moves, forming a no-trading zone for traders.
Key technical points:
- The SHIB chart shows higher price rejection at $0.000025 resistance
- The intraday trading volume in SHIBA/USDT is $1.35 Billion, indicating a 44% loss.
Source- Tradingview
Last weekend the Shiba Inu(SHIB) price gave a decisive breakdown from the $0.000025 support, indicating more downside risk. On Feb 23rd, a long-wick rejection candle closed below the $0.000025 mark, indicating the support has flipped to resistance.
The sellers attempted to follow up on the bearish breakdown by poking the $0.0000238 mark. However, intense demand pressure formed a long-tail rejection candle closing above the $0.000238. There the price resonating between these levels indicates a no-trading zone.
The downsloping crucial EMAs(20, 50, and 100) indicate bears are in control. Moreover, the buyers are struggling to sustain above the 200-day EMA.
The Moving average convergence divergence indicator shares a neutral bias as the fast and slow are wavering around the neutral zone(0.00).
SHIB Price Resonates In A Falling Expanding Channel Pattern
Source-tradingview
The 4-hour technical chart displayed a falling expanding pattern. This pattern usually initiates a significant bull run as the price breach the overhead resistance. The breakout would pump the altcoin to $0.000027.
However, the price action showing higher price rejection at this resistance suggests a possible reversal. If the altcoin reverted from this resistance, the sellers would plunge it to the immediate support of $0.000023, followed by a $0.00002
- Resistance levels- $0.000025, and $0.000027
- Support levels are $0.000023 and $0.00002.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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