Shiba Inu and its layer-2 scaling solution, Shibarium, has gained attention as it has evolved to serve as a significant push for new users entering Web3. The L2 network has been architected to increase transaction speed and reduce transaction fees simultaneously. Shibarium is currently under beta-testing, granting developers access to fuss-free dApp development and increased token utility. While under the beta phase, Shibarium has apprehended more than 14 million wallets interacting with the test net.
SHIB Lays Low
Source: SHIB/USDT by TradingView
SHIB’s price falls under consolidation after marking a peak near $0.000015000. The downtrend was turned into a sideways movement showing a suppressed market situation. The price breached the previous support near $0.00000995 and found a spot underneath. The EMA ribbon floats above the current price action and establishes a bearish outlook for Shiba Inu.
The Bollinger Bands contract with the lower band falling, indicating residual volatility. The volume marks investors’ participation to decline as they await a big move amid a recovering market. A flat-laying OBV shows a neutral market for SHIB. The current price action takes place in the lowest level of the Fib retracement. The chances of SHIB price taking a u-turn from here are high, which may be observed around mid-May.
Source: SHIB/USDT by TradingView
Shiba Inu price displays a robust bear trend as the Super Trend reflects the prolonged consolidation. The CCI marks a negative gap between present prices and historical prices. The MACD nears a convergence and records descending seller bars. The RSI moves sideways near the 35-range to indicate a seller-driven market.
In The Recent Hours
Source: SHIB/USDT by TradingView
SHIB price in the shorter time frame shows bears influencing the price action. The Super Trends suggest an unfavourable price trend. The CCI drops to signify a widening gap between historical prices and SHIB prices at press time. The MACD converges and concludes buyer participation. The RSI falls to 40-range to mirror sellers dominating the market.
Conclusion
Shiba Inu displays strong fundamentals with the success of Shibarium but seems to fail to reinstate the bullish trend in price action. SHIB’s price is under prolonged consolidation and awaits a bullish breakout. The holders can watch the support near $0.00000860 and map out the retracement.
Technical levels
Support levels: $0.00000860 and $0.00000710
Resistance levels: $0.00001160 and $0.00001285
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
