Chart by TradingView
Key Support level: $0.000030
Key Resistance level: $0.000038
The New Year celebrations had quite an impact on SHIB’s price action, which appears stuck at $0.000034. This is the exact mid-point between the key support at $0.000030 and resistance at $0.000038. Hopefully, volatility will return soon, and SHIB’s price will choose a direction.
Trading Volume: The volume is extremely low, and the price action shows it. If this continues, then the cryptocurrency will simply move sideways. Usually, when the volume reaches extremes, there is an equal reaction in terms of price action in a not too distant future. We will revisit this chart once that happens.
RSI: The RSI on the daily is under 50 points and did not move much in the past week. If buyers can come back to SHIB, then the bullish momentum can return.
MACD: The daily MACD remains bullish and may curve back up again after this quiet period. It is up to the bulls side of the market to make this happen.
The bias on SHIB is neutral. At the time of this post, the trend is flat.
SHIB is moving sideways without volatility. The key support and resistance are unlikely to be tested any time soon if the cryptocurrency continues to lack any momentum.
