SHIB was trading in a range, but investors were able to take advantage of these levels

  • SHIB has been traded in a wide variety.
  • It could drop and retest the lower bound of the trading range at $0.00000778.
  • A break above $0.00000825 will invalidate expectations.

shiba inu [SHIB] It has been trading between 0.00000792 USD and 0.00000854 USD since December 17th. The price action of the meme coin was confined to the upper trading range but fell to the lower range on Dec 27.

At the time of writing, SHIB is trading at $0.00000799. However, it may break below the range boundary at $0.00000792 and retest the $0.00000778 level before bouncing back.

Read shiba inu [SHIB] predict the price 2023-24

Trading range: will gray spread soon?

Source: SHIB / USDT on TradingView

SHIB may continue to trade sideways within the current trading range in the coming weeks if volume remains roughly flat.

In particular, Libra day trading volume (OBV) has remained relatively unchanged since mid-December. This means that volume has not increased to create strong buying pressure that would allow a breakout above the volatility range.

The Relative Strength Index (RSI) also moved sideways in the lower range over the same period. Therefore, the buying pressure was limited and the sellers had the upper hand in the market.

men In addition, the Money Flow Index (MFI) also moved sideways after a previous rejection at the midpoint of 50. This showed that accumulation was limited to the midpoint in recent days. tThus, another rejection of the MFI in the middle will lead to more selling pressure.

As a result, selling pressure could lead SHIB to drop below $0.00000792 and retest the $0.00000778 level. Investors can sell high and buy back when SHIB reaches these lows, which makes a difference.

However, an increment of more than $0.00000825 would negate this bias. In such a situation, investors should look for a convincing MFI cross above the midpoint to exit their short positions.

SHIB saw sentiment decline, while the supply of headliners remained relatively flat

Source: feeling

According to Santiment, the weighted sentiment for SHIB slipped from positive to neutral. This showed that confidence in the meme coin decreased.

How do Many SHIBs you can get for $1?

The supply of headlines has remained at 62.73% since Dec. 21. Historically, an increase in supply held by the headlines always leads to an increase in the price, while a decrease can lead to a decrease in the price.

Could waning investor confidence and headline reluctance to accumulate add to more selling pressure?

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