Huge Move Incoming for SHIB? 3 Things to Watch This Week (Shiba Inu Price Analysis)

Shib's price has been consolidating for the past two weeks and market participants are wondering how long this will last.

Key Support levels: $0.0000070, $0.0000064

Key Resistance levels: $0.0000075, $0.0000080

1. Consolidation in Progress

The support at $0.0000070 has been holding well so far in September and allowed the price to mode sideways in a tight range between the key levels. This has been ongoing since 11 September and places SHIB in a consolidation phase. Chart by TradingView

2. When will Volatility Return?

Whenever SHIB's price consolidates for a while, this usually has an abrupt and violent end that brings a lot of volatility back to it. The current levels in this range will likely not manage to contain SHIB once that happens. With a test of the key support likely, this could be a trigger for that. Chart by TradingView

3. Bullish Cross Loses Momentum

The daily MACD made a bullish cross in mid-September, but buyers lost momentum somewhat and did not manage to break the resistance at $0.0000075. Since then, the MACD histogram has been making lower highs, which can be interpreted as slightly bearish. Chart by TradingView

Bias

The bias for SHIB is neutral.

Short-Term Prediction for SHIB Price

Shiba Inu could soon re-test the key support. As long as it holds, the consolidation continues. However, if the price breaks away from this range expect attention to return to SHIB very fast. The post Huge Move Incoming for SHIB? 3 Things to Watch This Week (Shiba Inu Price Analysis) appeared first on CryptoPotato.

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Keywords: Crypto News, Price Analysis, SHIBBTC, SHIBUSD, Shiba Inu (SHIB)

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