SHIB price edges lower on Thursday wiping out some of the previous session gains. The price continues to trade in a short-term trading range. A breakout of the range will dictate the next directional bias for the asset.
- SHIB price trades in long-term consolidation zone with negative bias.
- A rejection near $0.000030 put the price on test to revisit the lower trading zone at $0.000022.
- Technical set up indicates the probability of breaking the trading channel on the lower side.
SHIB price retraces from higher levels
SHIB price action continues to trade in a broader range since mid-January with a brief stint in between near $0.000035 on February 7. However, the SHIB buyers failed to sustain the gains beyond the mentioned level and retraced back toward the lower range.
Now, after testing the upper range on Tuesday, the price once again pushed lower while taking support near the 50-day EMA (Exponential Moving Average) at $0.000025. A daily close below the level would trigger another round of selling with the ultimate target of $0.000022.
The moving average convergence divergence (MACD) holds above the average line with a bullish bias. Another, momentum oscillator the relative strength index (RSI) oscillates near the average line. Any downtick in the indicator would strengthen the bearish outlook in the price.
On the contrary, the above an average volume while the price tagged the upper boundary indicate the presence of the buying intention among investors. A resurgence in the buying momentum could push the price toward $0.00030.
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An acceptance above the mentioned level would add-on more gains at the horizontal resistance level at $0.000035.
As of publication time, SHIB/USD trades at $0.000025, down 3.97% for the day. The 24-hour trading volume stands at $1,265,551,732 with more than 53% losses as updated by the CoinMarketCap.
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