Shiba Inu was moving sideways for the past few months between the price range of $0.00003 and $0.00001. However, recently, the SHIBA token showed a further reduction in the price as it closed below the bottom horizontal line of $0.00001.
In the last week, there has been remote price movement as the candles on the daily chart show isolated formation of bodies forming indecision between the traders. The forming bullish candle on the daily chart and the MACD line above the Signal Line indicates a price rise.
The histogram chart shows green candles signaling a buying opportunity; however, the volume bar shows remote movement upwards and is not supporting an uptrend market.
The RSI at 36 has turned from the oversold zone and may head towards the overbought zone if the bulls push the price upwards with immense volume. Explore SHIB coin price prediction to know the future price movements.
On the weekly chart, a bullish engulfing candle is being formed after a constant formation of bearish candles during the past few weeks. If the SHIB price turns from this point, an uptrend pattern can be expected. The weekly candle formed on May 09 shows a robust descending price flow.
The technical parameters on the weekly chart show the SHIB token in the bearish zone as the price hasn’t once closed above the previous week’s high in the past month. If the Shiba Inu price suppresses the downtrend line and closes above it, an upliftment can be expected, or the coin may continue to degrade towards its lowest price range.