entered the consolidation phase after the recent declines. Shiba Inu (SHIB) may face a serious problem. The last “oversold level” on the RSI is still being tested. If these sell-offs occur, selling pressure may continue to drive the price down.
The SHIB price has not changed much since last Sunday. The bodies of the last four-day candlestick are stuck between $0.000036 and $0.0000037. On the other hand, the bearish trade volume in SHIB has been continuing for five consecutive days.
As for the price action of the Shiba Inu, SHIBIt proves that the buyer interest in . From this point of view, the Shiba Inu may be faced with a very “scary” scenario indeed. SHIB’s daily trading volume hit its lowest level since the week of October 20.
The combination of stable trading conditions and a drop in volume has positioned the Relative Strength Index just above the recent oversold level in a bear market (40). The coin, which has been trading against this level for six days, shows that a move below 40 can occur at any time.
As Tenkan-Sen and Kijun-Sen begin to decline, the pressure on the Shiba Inu price will increase. of the bulls meme coini will need to push above these levels; otherwise, they will act as a hand pushing the SHIB up and down.
The downside pressure should be limited by a support zone between the 2021 Control Volume Point at $0.000038 and the 88.6% Fibonacci retracement at $0.000032.
If the bulls are looking to reject any further bearish price action, they will need to force the Shiba Inu price to a close above Kijun-Sen and the 61.8% Fibonacci retracement at $0.000043. This will put SHIBA in a unique closing position at the eight-day high, possibly closing any shorts or bringing in new buyers as FOMO begins.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.