The post Shiba Inu (SHIB) Struggles to Gain Momentum Amidst Stagnant Market Conditions appeared on BitcoinEthereumNews.com.

Shiba Inu (SHIB) has been stuck in a narrow trading range for weeks, creating a sense of unease among investors and traders. The resistance levels pinpointed by the 200-day and 100-day EMAs are critical for SHIB’s future price direction. On-chain data reveals significant stagnation, with key support and resistance levels set to dictate upcoming price movements. Shiba Inu’s persistent trading range may soon see a breakout, with critical resistance and support levels in focus. Understand the key factors impacting SHIB’s price movements today. Shiba Inu’s (SHIB) Stagnation: Key Levels to Watch The price of Shiba Inu has shown minimal movement recently, with attempts to break out of its current range falling short. SHIB has been circling around $0.0000134, struggling to gather momentum. Critical resistance levels are identified at the 200-day EMA of $0.00001813 and the 100-day EMA of $0.00001597. Breaking above these levels could signal an end to the ongoing stagnation, potentially triggering a stronger upward trend. Support Level Significance On the downside, support at $0.00001200 remains vital. If SHIB drops below this level, it could enter a deeper correction, leading to further declines. The lack of buying interest amid mixed market sentiment adds to the uncertainty. Low trading volumes indicate that traders are waiting for a decisive move before committing to new positions, prolonging the current impasse. Bitcoin’s Struggle at the $61,000 Resistance Bitcoin has faced significant resistance at the $61,000 level, marked by the 50-day exponential moving average (EMA). Despite multiple attempts, Bitcoin has been unable to break through this barrier, raising concerns about a potential period of inactivity. For traders and investors, this resistance level is critical as failure to breach it may signify a weakening upward momentum for Bitcoin. Technical Analysis Insights The 50 EMA is a significant technical indicator that often signals the strength of…

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Filed under: News - @ August 17, 2024 10:28 am