Shiba Inu price, has been traded (traded) in a very restricted and narrow range in the last four trading days. While the current consolidation phase is evidence of an upcoming ward, it is not yet known in which direction this breakout will take.
Shiba Inu (SHIB) The price also showed a one-day bar below Tenkan-Sen for the 10th consecutive day. As a Volume Profile high node continues to develop, the SHIB may quickly move lower and lower, resulting in a search for a stronger support level in the future.
From the perspective of Ichimoku Kinko Hyo, Shiba Inu’s upcoming support on the daily chart appears to be zero. Shiba Inu price is trading below Cloud (Senkou Span A and Senkou Span B), Tenkan-Sen and Kijun-Sen. Future Senkou Span A is below Future Senkou Span B and Chikou Span is located under the candlesticks in the open area. In other words, within the Ichimoku system on the daily chart, SHIB price is currently in an exploration mode and has no barriers to moving lower.
meme coin The nearest Ichimoku support level for SHIB is on the weekly Ichimoku chart. Senkou Span A is seen as the nearest Ichimoku support level for Shiba Inu price at $0.000007. However, a big jump can occur at any time. The oscillators will support a bullish breakout if it occurs.
The Daily Composite Index has bounced from all-time lows and looks set to rise above both averages. At the same time, the Relative Strength Index is just above the first oversold level in a bear market at 30.
Shiba Inu price will need a daily close above Tenkan-Sen, Kijun-Sen and Control Volume Point to get any hint that this current downtrend is ending. A close at or above $0.000027 will put the Shiba Inu above Tenkan-Sen and Kijun-Sen, although this level will be located just above the Control Volume Point. In this scenario, SHIB will have support base to push higher to test the $0.000034 level.
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.