Shiba Inu is holding its 13th spot despite failing to make a breakout and move into positive territory. Another cryptocurrency outlook turning green is putting more pressure on buyers to shift towards more prospective and uptrending cryptocurrencies.
Market capitalization for Shiba Inu has failed to move above $7 billion. Despite its several products and Shibaswap exchange, the outlook for Shiba Inu is facing a tough time in inciting buyers.
Shiba Inu is undergoing a major consolidation, which carries a strong uptrend potential. The current consolidation zone between 100 and 200 EMA is creating pressure on buyers and sellers alike.
Technicals indicate some retracement from recent peaks, with a positive rally expected in the next swing. Read more about the expected positive rally in our SHIB coin price prediction.
Shiba Inu rallied tremendously in the last week of October but retraced back, limiting the gains to 25%. Shiba Inu token has a strong resistance that is hindering the uptrend movement from $0.00001402 with support limited at $0.00000945.
The constraint of 100 and 200 days exponential moving averages are putting stiff pressure, and the losing direction will showcase further price movement in the coming weeks. Technical indicators RSI and MACD are displaying a decreasing buying sentiment.
RSI dropping back to 60 levels from 75 levels showcase a delayed price movement. The MACD indicator is predicting a bearish crossover at any instance that could pull back the gains made in recent weeks.
Shiba Inu’s long-term candlestick pattern has created selling pressure that resulted in a decline in the last week and the current week as well. While transactional volumes seem to have declined, the technical indicators are showing a neutral stance, with RSI and MACD moving with similar stances as before.