Once again, Shiba Inu (SHIB) coin price is making waves with a major adoption milestone. Another step forward for SHIB as a more widespread payment method, with a Dubai-based real estate company announcing that it will now accept the meme coin to purchase property.
SHIB The news is a step in the right direction for SHIB to be more than just a coin. Despite this bullish adoption news, SHIB’s market performance has been disappointing, failing to stand out in a bear market.
Shiba Inu Coin Price Drops Nearly 6% in One Day Despite Positive News
Despite the announcement of SHIB adoption, the meme coin saw a 5.84% decline over the past 24 hours, trading at $0.00002061 at the time of writing. The market capitalization of the token is $12.14 billion. SHIB’s 24-hour trading volume increased 20.31% to $478.26 million as the activity appears to be disadvantageous to buyers rather than sellers, further adding to downward pressure on the price of the token.
According to previous expert reviews, the TD Sequential Indicator on Daily Shiba Inu The ($SHIB) chart shows a bullish buy signal. The price has now reached current levels, with upside potential for future entry. If this indicator comes true, SHIB could rebound to target $0.000026 (38.2% Fibonacci retracement level) and $0.000029 (23.6% Fibonacci retracement level).
Technical analysis: a bearish trend persists
Shiba Inu charts show that the market was bullish for most of the year until December 15th. This is mainly due to the downtrend that occurred for four hours. The trend channel was downward sloping, just like this downtrend, with low highs and low lows. However, the bearish momentum has subsided and, as you can see from the chart, a consolidation is taking shape.
At this phase, the price moves sideways between the support level of $0.00002050 and a resistance level of $0.00002250. This consolidation involves market indecision in which neither buyers nor sellers have been able to dominate the market.
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Shib’s price is almost occupied by the key support level, which is $0.00002068. Multiple consolidation tests support this flow of buyer interest.
Conversely, recent attempts to break above the $0.00002250 resistance are invalid. This implies that the selling pressure in this range is intact. When we see a market unable to break out of this range, it is a sign of low volatility and a market waiting for a catalyst to set its next direction.
The Awesome Oscillator (AO), a coin’s momentum indicator, is in a negative zone. This indicates that bearish pressure still prevails.
However, the histogram bars are shrinking, perhaps suggesting a waning of bearish momentum. A positive AO indicates that bullish momentum could begin soon. Traders should monitor this indicator closely to detect a change in market sentiment.
It shows two probable iterations. If the price falls below the support at $0.00002050, which was tested, it would confirm that the downtrend has further extended and could reach the next support level near $0.00001800.
On the other hand, a reversal above $0.00002250 would negate the bearish bias and leave room for the downtrend reversal to end. The consolidation phase is arguably the pivotal period, and this range will determine SHIB’s next directional move.