Shiba Inu Likely to Consolidate Within Range Amid Bearish Pressure and Liquidation Levels
The post Shiba Inu Likely to Consolidate Within Range Amid Bearish Pressure and Liquidation Levels appeared on BitcoinEthereumNews.com.
The latest trends in the Shiba Inu (SHIB) market indicate a potential consolidation phase, raising questions among investors. Market analysts have noted that the lack of buying pressure coupled with a significant buildup of liquidation levels suggests SHIB could remain within a narrow trading range this week. According to COINOTAG, “Current market conditions highlight a cautious approach, as liquidation levels appear critical for the next price movements.” Shiba Inu is likely to consolidate in a narrow range this week due to heightened liquidation levels; experts suggest watching key price thresholds. Shiba Inu Facing Bearish Pressure Amid Range Formation The Shiba Inu (SHIB) cryptocurrency is currently experiencing a bearish structure on the daily timeframe, primarily marked by consistent price action below key resistance levels. As of now, a breach of the recent lower high at $0.0000196 is crucial for a potential upward shift in the prevailing trend. In the interim, the cryptocurrency consolidated within a significant support zone at $0.0000147, while another critical support level lies at $0.0000128—historically proven as pivotal since September 2024. Analysis of Shiba Inu’s Short-Term Price Movement Investors are keen to identify shifts in market sentiment, especially as the daily Relative Strength Index (RSI) remains firmly in the bearish territory with a reading of 40. Despite some bullish momentum evidenced by the On-Balance Volume (OBV) moving upwards post-early February losses, this uptick has not translated into significant price movements for SHIB. Source: SHIB/USDT on TradingView Further analysis on the 4-hour chart indicates the presence of a range formation. Although a breakout was anticipated—marked in orange—current market conditions suggest the local highs at $0.000017 are proving to be formidable resistance. Moreover, the mid-range level at $0.0000157 stands out as significant short-term resistance, which market participants should monitor closely. Understanding the Liquidation Heatmap’s Impact on Shiba Inu The last…
Filed under: News - @ February 22, 2025 10:15 pm