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Shiba Inu Price Analysis: SHIB struggling with consolidation despite recording a 6% uptick

Shiba Inu Price Analysis

TL;DR Breakdown

  • Shiba Inu price analysis highlights the crypto’s 6 percent upward price movement.
  • Despite recording a positive price movement, Shiba Inu’s investor interest appears to be dwindling.
  • According to SHIB’s 4-hour price chart, the crypto coin seems to be consolidating.
  • The dog-themed crypto token is at crossroads, painting an indecisive picture regarding its upcoming price action.

Since the May 19 market-wide crash, Shiba Inu’s price movement has been consolidating as investor interest gradually declines. Following the general market’s failure to inspire investor enthusiasm, the dog-themed crypto-asset reflects the market trend.

Shiba Inu Price Analysis: General price overview

Shiba Inu is exchanging hands at around $0.00000950, marking a 6 percent price recovery from yesterdays intraday low price of $0.00000884. Despite the positive price movement, Shiba Inu is currently consolidating in a parallel channel, limiting its upward momentum past the middle range of the parallel channel.

According to the crypto’s price movement, the horizontal channel appears to be merging pivot highs and lows on SHIB’s 24-hour price chart. This technical indicator shows the meme-themed crypto asset is currently stuck in between equal buying and selling pressure. Due to the current circumstances, Shiba Inu is forced to trade sideways, making it hard to project its upcoming price movement.

Shiba Inu price movement in the past 24 hours

Shiba Inu Price Analysis: SHIB struggling with consolidation despite recording a 6% uptick 1
Source: TradingView

Although it is hard to determine Shiba Inu’s upcoming price trend, the crypto asset enjoys a significant support line at the 50 4-hour moving average. This is to say the crypto coin is less likely to plunge past this critical support level. However, it is essential to note that the 50 4-hour moving average currently exists around a tight extension above the middle line of the parallel channel at the 100 4-hour moving average. With that said, Shiba Inu price action is likely to retest its first significant resistance barrier at around $0.00001009.

Although moving past this critical level seems unlikely, Shiba Inu should strive to close the day above the 100 4-hour moving average at around $0.00000917. This decisive close will ensure the crypto coin moves towards the upper trendline of the parallel channel.

Shiba Inu 4-hour chart

Shiba Inu Price Analysis: SHIB struggling with consolidation despite recording a 6% uptick 2
Source: TradingView

According to Shiba Inu’s 4-hour chart, the crypto coin appears to be currently suffering from low investor enthusiasm due to low trade volumes. This shows the hype surrounding Shiba Inu is subsiding among its investors. Since May 25, Shiba Inu’s trade volume has been gradually declining, coinciding with its price movement.

Shiba Inu might continue experiencing a locked sideways price movement following the sudden low interest in the crypto asset. On the 4-hour chart, the canine-themed crypto-asset appears to have formed a Doji candlestick, indicating the bears and bulls are at an equilibrium. This also indicates that Shiba Inu is currently trading on a high level of indecisiveness.

Conclusion

If Shiba Inu experiences a surge in buying pressure, the crypto asset’s price movement could move towards the channel’s upper trendline, sparking a 35 percent price rally. This could see Shiba Inu’s price surge towards the $0.00001204 mark. In the event the general crypto market improves, higher targets could be installed for the crypto coin. This will likely push Shiba Inu towards the 27.2 percent Fibo extension level around $0.00001812 in the long term.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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Robert Githinji

Robert Githinji

Robert is a crypto and blockchain pundit with a vast experience in deciphering crypto charts and deriving ideas. He has made the rounds of major crypto news outlets and joins the upbeat at Cryptopolitan team. Apart from dabbling with cryptomarket trends, he is an avid footballer and a coffee lover.

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