Technical Analysis: Chart Interpretation and Forecasts

Reading the in-depth analysis, we note that the chart shows that the Shiba Inu coin traded in the area defined by the red box as a narrow consolidation range. This range is approximately from 0.00002580 to 0.00002680 USDT.

This is a signal that traders are experiencing uncertainty or indecision. Inside the upper gap, the upward trend was strong before consolidation began. The consolidation area is now the upper boundary that we see being tested by the candles.

In the indicators, we see that the Volume Oscillator should appear at the bottom and read around 4.26%. The information provided by this oscillator is above the zero line. This can be interpreted as the volume fueling the current price movement.

A stronger push from the bulls can be judged by the higher volume when testing the resistance level at the top of the consolidation zone.

Depending on how it reacts, if the price can break above this consolidation zone, particularly above 0.00002680 USDT, then this could become a continuation of the previous upward trend.