• SHIB is up 3.24% in 24 hours, but trading volume drops by 9.86%, signaling slowed market activity.
• A 3.05% decline over the past week signals volatility and uncertainty in the short-term market direction.
• RSI at 38.17 and MACD show weak momentum, indicating a bearish market with indecisive price action.

Shiba Inu (SHIB) is up 3.24% in the last 24 hours and currently trading at $0.00001012. The trading volume has declined by 9.86% and now stands at $144.52 million. The decline in trading activity underlines the slowing market activity, despite a temporary increase in the price of SHIB.

Source: CoinMarketCap

SHIB price has decreased by 3.05% over the past week, indicating a recorded decline even after its recent rise. This implies that the performance of SHIB is still volatile, and the short-term changes in prices do not keep the momentum in the long term. The recent decline over the past week suggests that traders are unsure about the market’s immediate significant direction concerning the coin.

SHIB Tests Key Support for Potential Reversal

Crypto-analyst Jonathan Carter highlighted that SHIB is probing a crucial support zone in a falling wedge formation on the 2-day chart. He reckons a bounce out of this level might generate a rally, driving SHIB to resistance levels of $0.00001150, $0.00001410, and possibly $0.00002350. This would be an indication that there is a change in the trend.

Any recovery above this support would be an indication of a change in the trend, which gives hope to bullish traders. Such a possible price movement would represent a turning point that would stimulate additional purchasing activity and establish a direction of a consistent rise in the value of SHIB.

Source: X

Also Read: Aster (ASTER) Nears Key Support at $1.13, Is a Strong Recovery Toward $1.80 Next?

RSI and MACD Indicate Potential Downward Pressure

The Relative Strength Index (RSI) stands at 38.17, which is below the 50 level. This shows that it is a bearish market where there is no serious buying pressure. The coin is heading into the oversold region, which may indicate a possible further fall unless the demand increases. The RSI data indicates that traders might be reluctant to take long positions till the market demonstrates more likely signs of recovery.

Source: TradingView

The Moving Average Convergence Divergence (MACD) of SHIB gives conflicting indicators. The MACD line is at -0.00000054, and the signal line is at -0.00000012, implying a low difference between the two lines. This is an indication that the market is not certain and no specific direction is emerging. The short histogram bars also reflect a weak momentum where the traders are waiting until a clearer signal is given before they act.

Open Interest Up, Trading Volume Grows for SHIB

According to CoinGlass data, the trading volume of cryptocurrency has grown by 8.28%, reaching $134.84 million. Open interest has increased by 2.30% to $78.96 million. The OI-Weighted Funding Rate stands at -0.0047%, being negative, which still shows that short positions prevail in the market. These technical indications demonstrate a weak perspective of SHIB, as traders expect to identify with a definite direction.

Source: CoinGlass

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