U.Today – The price of has moved very little or not at all over the past few weeks continuing to be stuck in a deadlock. SHIB has made multiple attempts to move outside of its current trading range but hasn’t been able to build much momentum which has left investors and traders uneasy.
By examining the available market and on-chain data it is evident that SHIB is presently stuck in a small trading range with its price circling around $0.0000134. The 200-day and 100-day exponential moving averages (EMAs) coincide with the resistance levels at $0.00001813 and $0.00001597 respectively which are important to keep an eye on.
A more forceful upward trend may follow if SHIB is able to break above these levels which may indicate the end of this protracted period of stagnation. Support at $0.00001200 is still crucial on the downside. SHIB may enter a deeper correction if a decline occurs below this level which might lead to additional declines.
This might prolong the current impasse even more which would be especially worrisome for those looking for a bullish reversal. On-chain indicators point to a lack of significant buying interest which is consistent with the mixed overall market sentiment surrounding SHIB. Because traders are being cautious and waiting for a clear directional move before committing to new positions the trading volume has remained relatively low.
can’t break through
The 50-day exponential moving average on the chart which is $61,000 represents a significant resistance level that Bitcoin recently encountered. Four times in a row Bitcoin has failed to break through this barrier despite multiple attempts indicating that this resistance may be more strong than first thought. For traders and investors failing to break above $61,000 is worrisome because it could signal a period of inactivity for the price of Bitcoin.
A common technical indicator is the 50 EMA which can indicate a weakening upward momentum when the price finds it difficult to break above it. This puts Bitcoin in a situation where it might be stuck in a small trading range and unable to gain the momentum it needs to move higher. The…
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