Shiba INU Price Prediction: SHIB is Range-bounded, Wait for Breakout 

• Shiba INU price is limited with 1% intraday drop.
• Trading volume fell 17% to $142.8 million in the last 24 hours.
• On the daily price chart, the RSI indicator slipped below the semi-line.

Shiba INU price started a downside correction after reversing from the resistance area of ​​the narrow horizontal range. Price action shows a range-bound phase for investors over the past several days. This consolidation phase is followed by a price rally from the conceptual round level of $0.0000010.

SHIB on 4 Hour Chart 

Source: SHIB/USDT by Tradingview 

At the time of writing, Shiba INU price against the USDT pair is trading at $0.0000108 mark along with 0.2% intraday drop. The $0.0000115 level stays as a short-term bullish hurdle. On the flip side, the $0.00001080 level provides a price pump to buyers. Moreover, the Bitcoin pair along with Shiba INU price is in the green zone by 1.26% at 0.000000000567 Satoshis. 

If buyers fail to sustain SHIB price above immediate support then price may fall until $0.000010 key hedge zone. On the other hand, if breakout occurs ahead, then buyers may enjoy the upside way towards $0.000018- next resistance level. Now everyone is looking at the weekend to take the next step ahead about directional trends. 

Shiba Price Prediction on Daily Price Chart 

Source: SHIB/USDT by Tradingview 

In terms of the daily time frame, the Shiba INU price is receiving higher price rejection on the upper band of the Bollinger Bands indicator. Later, the altcoin reached the mid-band at that time and the bears continued to try to break this level. Below this level, further downside is likely to be seen in the price.

The daily RSI indicator has been hovering close to the semi-line for the past several days. Nowadays, the RSI is moving below the 50 level, which suggests a downtrend for the SHIB INU price. Moreover, the MACD indicator is slowly moving towards the neutral zone after a bullish crossover. Histograms also show positive strength for the upside.

Conclusion

Shiba INU Price prediction shows further downside in prices before the end of this week. Technical indicators are so far in favor of a bearish trend and any price drop below the support level of the narrow range could lead to a huge downside. Meanwhile, if buyers fail to sustain the SHIB price above the immediate support, the price could drop towards the $0.000105 key defense zone.

Support level – $0.000010 and $0.000007

Resistance level – $0.000014 and $0.000018

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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