Shiba Inu Price Dips: Is This the Perfect Time to Buy or Wait?

Shiba Inu Price Dips: Should Investors Brace for More Losses or Prepare for a Bounce?

Shiba Inu Price Dips – Over the past 24 hours, Shiba Inu’s price has dropped by over 8%, extending its 7-day losses to 10%. The cryptocurrency, which was previously expected to bounce back from the $0.000012 support zone, has instead faced challenges pushing past the $0.0000125 resistance level. This suggests a lack of strong bullish momentum, leaving room for further downward movement in the near term.

Market Sentiment and RSI Insights

Shiba Inu’s price has been trading within a tight range between $0.000012 and $0.000013 over the past week. The Relative Strength Index (RSI) on the 4-hour chart attempted to cross the neutral 50 level but failed to maintain momentum, signaling weak buying interest. Although there was a brief attempt by SHIB bulls to turn the market in their favor, they were met with resistance at the $0.0000124 and $0.0000125 levels.

Near-Term Volatility and Range-Bound Trading

The On-Balance Volume (OBV) has been moving sideways, showing no clear bullish or bearish dominance over the past week. This suggests that Shiba Inu is currently in a consolidation phase and could continue trading within this range. While volatility might occur in the short term, trading volume remains relatively low, indicating weak market participation.

Price Action Outlook and Key Support Levels

Given the low trading volume, Shiba Inu could experience a further downtrend before potentially rebounding towards the range highs. Key support levels to watch include $0.0000119 and $0.0000118, while resistance remains firmly at $0.0000125. Traders looking for potential entry points may want to wait for an increase in volume before taking a position.

In conclusion, while Shiba Inu faces short-term challenges, the range-bound trading is expected to continue until a breakout in either direction occurs, making this a critical time for potential traders to stay alert.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.