• Shiba Inu [SHIB] has been trading between $0.00000832 and $0.00000914 for the past few days.
• The daily chart’s CMF and RSI have risen recently, indicating increased capital inflows and buying pressure respectively.
• A session close below $0.00000864 could sink SHIB to retest December lows of $0.00000779.
Shiba Inu (SHIB) Stuck Below 23.6% Fib Level – What To Expect Next
Shiba Inu (SHIB) has been trading in a narrow range between $0.00000832 and $0.00000914 for the past few days, despite some positive signals in terms of increasing capital inflows and buying pressure indicated by its daily chart’s CMF and RSI readings. A decisive reversal is yet to be seen, however if SHIB closes below $0.00000864 it may sink back to its December lows of $0.00000779, wiping out all gains made so far this year.
Recent Price Action
Despite the recent price consolidation, the daily chart’s CMF and RSI have risen in the past few days, indicating increased capital inflows and buying pressure respectively as well as an overall market sentiment improvement due to Bitcoin reclaiming the $27k zone following optimistic U.S debt ceiling talks on 17 May 2021 that had caused jitters in markets for several days prior..
The Fibonacci Retracement tool (multicolored) was placed between Q1 swing high and December lows – if current trend persists with macro environment conditions continuing to ease then SHIB could rally up towards its 23.6% Fib level of $0