Yet again, Shiba Inu (SHIB) coin price makes waves with a course milestone concerning adoption. Another step forward for SHIB as a more widespread form of payment, with a Dubai-based real estate firm announcing it will now accept the meme coin to purchase property.
SHIB news is a step in the right direction for SHIB wanting to be more than just a meme coin. Despite this bullish adoption news, SHIB’s market performance has been underwhelming, failing to catch on in a bearish market.
Shiba Inu Coin Price Drops Almost 6% in a Day Despite Positive News
Despite the news of SHIB being adopted, the meme coin saw a 5.84% decline over the past 24 hours, trading at $0.00002061 at the time of writing. The token’s market cap is $12.14 billion. SHIB’s 24-hour trading volume increased by 20.31% to $478.26 million, as activity appears to be skewed against the buyers rather than the sellers, further reinforcing the downward pressure on the token’s price.
According to previous expert opinions, the TD Sequential indicator on the daily Shiba Inu ($SHIB) chart shows a bullish buy signal. The price has now reached the current levels, with a potential upside 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 Pattern Persists
Shiba Inu charts show that the market was bullish through most of the year till December 15. This is mostly because of the bearish trend speaking four hours. The trend channel was downward sloping, and so was this downtrend, with low highs and low lows. However, bearish momentum did relent, and as you can see on the chart, 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 implies 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 past 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 define its next direction.
The Awesome Oscillator (AO), a coin’s momentum indicator, is in a negative zone. This indicates that pressure from the bearish side still prevails.
Yet the histogram bars are shrinking, suggesting possibly a fading of bearish momentum. A positive AO indicates that bullish momentum could soon start. Traders should watch this indicator closely for a market sentiment change.
It shows two probable iterations. If the price breaks down below support at $0.00002050, which has been tested, this would confirm that the bearishness has extended further and may reach the next support level near $0.00001800.
On the other hand, a turnaround high above $0.00002250 would cancel the bearish bias and leave room for an end of the bearish trend reversal. The consolidation phase is arguably the pivotal time, and this range will determine the next directional move for SHIB.
