Shiba Inu （SHIB） faces potential decline despite recent market recovery, with technical indicators showing signs of weakness.
Points
- Shiba Inu transaction volume drops significantly as market stabilizes.
- SHIB faces potential 16% drop from its current price.
- Key support levels and resistance levels are identified for SHIB’s price movement.
Shiba Inu （SHIB） is frequently perceived as highly volatile, driven more by market sentiment than intrinsic value. Recently, SHIB’s transaction volume has dropped dramatically as the market stabilizes, suggesting that the spike in activity was not a long-term trend.
Current Price Trends
The market has only somewhat recovered, with SHIB bouncing off the $0.000010 support level but failing to demonstrate a discernible upward trend. The 200 EMA （$0.000018）, 100 EMA （$0.000015）, and 50 EMA （$0.000015） remain significant obstacles that SHIB must clear to indicate a strong rebound.
The decline in transaction volume also suggests a broader market trend where investors hesitate to make significant moves until more favorable conditions arise. In the near term, this cautious strategy might cause SHIB and other similar altcoins to see muted price movements.
Technical Indicators for SHIB
Despite a short-term recovery, SHIB’s price movements show signs of weakness, with a potential 16% drop from its current price. If SHIB’s price falls below the $0.000012 support level, the next stronger support level is at $0.00001. On the other hand, surpassing $0.00001344 could re-enter the falling wedge formation and show a bullish trend.
Relative Strength Index （RSI）: At 47.61, approaching the neutral zone, indicating the asset is neither overbought nor oversold.
Chaikin Money Flow （CMF）: At 0.03, suggesting a slight positive money flow, which could be an early sign of buying interest.
During the recent minor upward movement, volume consistently decreased, showing some bearish volume-price divergences. This signals that the downtrend may continue unless there is a significant breakout.
Conclusion
Shiba Inu’s price nearly hit yearly lows during the market crash. Despite Bitcoin’s recovery, SHIB may continue to decline. Technical indicators show potential further downside for SHIB, making it crucial for investors to monitor key support and resistance levels closely.
解説
- Exponential Moving Average （EMA）: A type of moving average that places a greater weight and significance on the most recent data points.
- Relative Strength Index （RSI）: A momentum indicator that measures the speed and change of price movements.
- Chaikin Money Flow （CMF）: An indicator that measures the accumulation and distribution of a security over a specified period.