Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- SHIB remained stuck under a key resistance level.
- Lack of volume hampered bullish reversal.
Shiba Inu’s [SHIB] low volume has hampered the meme coin’s ability to establish a clear market trend. SHIB has traded under the $0.00000980 resistance level since 6 May. However, sellers could not push prices lower and bulls haven’t been able to rally either.
Read Shiba Inu’s [SHIB] Price Prediction 2023-24
With Bitcoin [BTC] between the $26k and $27k price zones, SHIB could see more indecision in its price movement.
Indecision hampers Shiba Inu’s price movement
Source: SHIB/USDT on Trading View
The massive price decline in March and April has seen SHIB almost erase all of its 2023 gains. Bears have dominated its price movement from a high of $0.00001550 in early February to a low of $0.00000869, as of press time.
However, the bearish dominance looks to be losing steam and with price approaching a key support of $0.00000807, bulls could once again rally from this level. A factor that could hamper a bullish reversal is the lack of volume for SHIB, as market speculators continue to flock to newer memes such as Pepe [PEPE] and Floki Inu [FLOKI].
The on-chart indicators remained indecisive. The Awesome Oscillator (AO) posted a series of green bars, although it stayed under the zero mark. The Relative Strength Indicator (RSI) climbed out of the oversold zone, but it was still under neutral 50.
Sellers could gain more leverage if they can push prices to the $0.00000807 support level. On the flip side, a bullish reversal will be dependent on increased volume for SHIB, with a near-term target of $0.00000980.
How much are 1,10,100 SHIBs worth today?
Spot CVD highlighted sellers’ advantage
Source: Coinalyze
According to Coinalyze, the aggregated CVD (Cumulative Volume Delta) spot on the four-hour chart remained in a perpetual decline. This reinforced the advantage sellers currently have. A rising CVD spot could signal bulls getting ready for a reversal and is worth monitoring.
The decline was also echoed by the Open Interest data suggesting that buyers should exercise caution before initiating new trades.
