- SHIB bears are tightening their grip; the price battles resistance at $0.00000889.
- Increased trading volume signals active buying and selling of SHIB during the price drop.
- Golden cross formation suggests a trend reversal and growing bullish momentum for SHIB.
Bears have gained the upper hand in the Shiba Inu (SHIB) market during the past 24 hours, driving the price to a low of $0.000008702. Bullish efforts to rebound were halted by firm opposition at the intraday high of $0.00000889.
SHIB bears remained in control at press time, inflicting a 0.22% drop from its previous closing to $0.000008727.
While the SHIB’s market capitalization fell by 0.20% to $5,179,472,629, the 24-hour trading volume increased by 2.78% to $86,293,855. This increased trading volume during a slump implies that traders are still actively buying and selling SHIB, taking advantage of the price drop.
SHIB/USD 24-hour price chart (source: CoinMarketCap)
The stochastic RSI rating of 82.99 and movement below its signal line indicate that the present negative trend in the SHIB market is gaining momentum. This movement suggests a possible price decrease, with investors likely to sell off their holdings, expecting additional losses.
However, a positive reversal is still possible since the stochastic RSI indicator is above 50.
The market may see some buying pressure with the MACD line in a positive area with a value of 0.00000006 and the histogram producing green bars. This movement indicates that traders are buying the dip and hope to drive the price upward.
SHIB/USD chart (source: TradingView)
On the 2-hour price chart, the 20-day moving average has crossed above the 100-day moving average, now at $0.00000877 and $0.00000866, respectively.
This move (Golden Cross) shows that the negative momentum in the SHIB market is fading and that a trend reversal is on the way.
The price action movement above both averages adds to the positive sentiment for SHIB investors since it suggests bullish momentum is growing.
SHIB/USD chart (source: TradingView)
In conclusion, SHIB’s market shows signs of bearish dominance, but the increased trading volume and positive indicators hint at a potential trend reversal.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
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