Shiba Inu Price Prediction - SHIB at Bottom of Current Range is a Buy Signal for Traders
Investors appear to have retreated to the sidelines with cryptocurrencies across the board left in the hands of the bears. The second most popular meme coin, Shiba Inu has fallen from its recent 2023 high of $0.00001590 to trade at $0.00001235 as regulatory pressure bites. However, SHIB’s short-term outlook reveals the possibility of a trend reversal in the coming days, especially if support at $0.000012 continues to stay firm.
The rampant overhead pressure in the crypto market downplayed SHIB’s listing on BinanceUS on February 24. BinanceUS is a subsidiary of Binance.com, the largest crypto exchange in the world by daily traded volume.
Investors can now buy and sell the second-largest meme coin using the SHIB/USD pair on the platform dedicated to serving US-based customers. Investors expecting a positive response to this exposure were left disappointed with Shiba Inu price stretching the leg downstream.
At the time of writing, Shiba Inu price has lost 8.1% cumulatively for seven days, including a 2.5% dip in the last 24 hours. Live price data by CoinMarketCap rips off the band-aid showing a 10.21% decrease in the 24-hour trading volume to $192 million.
An increasing negative change in volume refers to a high volume that is undesirably affecting the asset. It suggests fund outflows are overwhelming inflows and deprives Shiba Inu price of the momentum to reverse the trend to the upside.
Shiba Inu price holds above critical support provided by the lower ascending trend line as shown on the daily chart. Marginally below this level lies the 50-day Exponential Moving Average (EMA) (line in red). In addition to that, SHIB’s downside is protected by a seemingly immense seller congestion zone in the lower yellow band.
The position of
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