Shiba Inu prices haven’t changed much since Sunday. The bodies for the past four daily candlesticks ranged from $ 0.00034 to $ 0.000037. SHIB enters for the sixth consecutive day with low trading volume.
Purchasing power is falling
SHIB is in dire straits. It went through five consecutive days on which the trading volume of the following day was lower than that of the previous day. In addition, the volume for the past two days has hit its lowest level since the week of October 20th.
The price movement itself was relatively calm with extremely low price volatility. The combination of flat trading conditions and decreasing volume has positioned the Relative Strength Index (RSI) to coincide with the last oversold level in the bear market (around 40). After battling it for the past six days, it has now weakened slightly from that level.
Pressure on SHIB price will increase as Tenkan-Sen and Kijun-Sen begin to trend downward. The cops need to raise the coin meme above this level; Otherwise, SHIB will trade lower and lower.
Bulls should limit downside pressure in the support area between the 2021 volume checkpoint at $ 0.000038 and the 88.6% fib retracement level at $ 0.000032.
If the bulls want to refuse any further downside move, they must close Shiba Inu price above Kijun-Sen and the 61.8% Fib retracement level at $ 0.000043. If successful, the SHIB would close at an 8-day high, potentially catching short positions or attracting new buyers as FOMO kicks in.
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