SHIB: Should trader need to start a sell trigger?
Short-term traders and long-term Shiba Inu [SHIB] investors may need to try after the currency decides to pick a drop. Over the past two weeks, SHIB volatility has been consolidating in the same spot.
For a cryptocurrency that thrives on speculation, this is an unusual trait. When things settle down, however, this lack of volatility doesn't seem to benefit buyers or sellers.
Based on the price movement, it can be seen that SHIB is choosing to hold a similar support level since the beginning of September. During the period from September 2 to 4, the 4-hour chart shows support holding between September 2 and 4. 0.0001205 to 0.00001227 dollars.
I'm old too
Over the days from September 7-9, SHIB maintained its stance around the old support zone. According to the chart, SHIB has held the support at $0.00001222 and 0.00001205 again in that time frame.
Looking at the signs of Bollinger Bands (BB), it can be determined that SHIB has reduced volatility at press time, compared to yesterday (September 12).
The remarkable aspect is how the price broke out of the volatility. With this momentum, it could create an avenue for short sellers to profit.
Moreover, it is a clear sign that SHIB has dropped in price. Despite a nearly 20% gain on September 9, CoinMarketCap shows that SHIB has dropped 0.98% over the past 24 hours.
SHIB volume also dropped to $431.12 million as of yesterday (September 12). As the crypto meme continues to cling to lower volatility, long-term traders may also need to rethink their stance. But what is the condition from the angle of the exponential moving average (EMA)?
According to the indicators of 20 EMA (blue) and 50 EMA (yellow), SHIB will maintain good buying momentum. However, the aforementioned price performance seems to be contradictory.
The reason is that the 50 EMA has kept the 20 EMA steady as it crosses nearby. As a result of this "chase", it is unlikely that the power of buyers will be reflected in the price of the coin.
For short-term investors, the 200 EMA (cyan) suggests that the SHIB may not be in favor of the upside in the coming weeks. However, since the token mainly moves with the momentum of Bitcoin [BTC], all hope may not be dashed.
The Relative Strength Index (RSI) also revealed that buyers have lost strength after falling from overbought levels on September 11.
With the money flow index (MFI) showing some signs of revival, SHIB investors hope this can help the market. However, considering the price falls further, it might be a good idea.
Sep 15, 2022