The SHIB price has been consolidating over the past week. However, there is no force to push the price higher. Looking at the medium-term time frame, SHIB has been trading inside the descending trend line since ATH was recorded.
Key support level: $0.000018.
Key Resistance: $0.000023.
Shiba Inu native token is unable to move higher in the absence of buyers as the price is trading below the critical $0.000023 resistance level.
The next major support comes in at $0.000018. SHIB tested this level on January 22nd. Price sentiment remains weak and no confidence from bulls.
Trading Volume: The volume is gone. There was little volume to speak of after the recent sell-off as the price traded sideways.
RSI: Although the daily RSI managed to break out of the oversold territory, it has not had enough momentum to rally strongly and it is currently hovering just above the 30 level. If the buyers fail to return to the SHIB, the RSI could dip back into oversold territory.
MACD: The daily MACD shows a bullish crossover signal, but due to the lack of momentum and volume, such a crossover can be imprecise and turn into a fakeout. Volume needs to increase with every bullish action to build confidence.
SHIB’s current trend is neutral. The price is stuck in a sideways move without much bullish momentum or signs of volatility.
Short-term forecast for the SHIB price
SHIB has been losing strength since it hit an all-time high of $0.00008616 on October 28, 2021. SHIB is currently trading 75% below ATH and attracting little interest from market participants. It needs to exit the current price range to attract buyers.
A break of the critical resistance at 0.000023 seems unlikely at this time. Therefore, this coin meme will continue to move sideways for a while.
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