SHIB's price movement shows a fight at $0.000030, indicating a key moment. Despite breaking out of long-term downtrends, SHIB's rising momentum appears to be stalling. SHIB tokens require a strong push to stay above the 0.618 Fibonacci retracement level at $0.0000255, currently approaching $0.000025. Weekly and daily charts show this resistance level and repeated unsuccessful efforts at higher highs, highlighting the battle ahead.
The nearest support is the 0.5 Fibonacci level at $0.0000214, which might exacerbate negative pressure and challenge the lower trendline. However, recent price consolidation suggests another move higher, especially if the SHIB token gains momentum. Could a breakout push SHIB to new highs, or will it retrace?
Technically, the cryptocurrency's RSI value at 60.93 implies slight bullish enthusiasm. Despite falling short of the overbought 70 barrier, it may continue to rise. Since momentum has changed, the minor downward shift in RSI suggests cautious optimism.
This mixed signal suggests buyers are there but losing confidence. The Directional Movement Index (DMI) confirms the bullish view, with the +DI (blue) line at 33.9052 above the -DI (red) line at 12.0740, indicating buyer control. However, the Average Directional Index (ADX) reading of 23.1376 suggests that bulls are leading, but the trend may not be strong enough to support a breakthrough.
The SHIB token's daily chart shows an 8.44% drop in value in 24 hours, bringing its market cap to $13.89 billion. This negative price action lowered its trading volume by 46.92%, reflecting investor skepticism after earlier volatility.
The cryptocurrency has considerable liquidity with a volume-to-market cap ratio of 13.28%, but the sudden volume decline suggests short-term momentum is fading. If this negative trend continues, the SHIB cryptocurrency might retrace to prior lower highs near $0.000019 and plummet to $0.000017, the 0.382 Fibonacci retracement level.
