- Decline in trading volume shows market indecision
- The range top of $0.0000247 would be a viable price target for the coming days.
At press time, Shiba Inu (SHIB) reflected bearish momentum, but declining trading volume over the past few weeks has market participants wary. The bulls were weak, but the bears also did not exert much influence in recent days.
The memecoin seemed poised to move in one direction or the other, depending on the trend of Bitcoin (BTC). A fall below the nearest bullish circuit breaker block could trigger a downtrend towards $0.000017 or lower.
Shiba Inu is more likely to climb to local heights than to fall lower
Source: SHIB/USDT on TradingView
Shiba Inu appears to be forming a short-term range between $0.0000211 and $0.0000246. The range lows coincided with a bullish breakout block on the daily timeframe starting June 2024. The formation of the range around the crucial 61.8% retracement level does not indicate a bullish trend on the time frames higher.
Trading volume has declined over the past three weeks. Meanwhile, SHIB wandered around the $0.00002325 level and formed a range. The drop in volume suggests that participants were waiting for the next strong trend before acting.
The daily RSI was below 50 neutral, showing that the bearish momentum was under control. OBV has not reached lower levels over the past three weeks. This isn’t a bullish result, but since it doesn’t show bears are dominant, it gives buyers some hope.
Nearby Liquidation Clusters Highlight Short-Term Problem Areas
Source: Coinglass
The liquidation map outlined two problem areas for SHIB traders. The $0.00002117 and $0.00002312 levels were the closest highly leveraged liquidation clusters. They roughly aligned with the range lows and the 61.8% Fibonacci retracement level.
Read Shiba Inu (SHIB) Price Prediction 2025-26
A push towards either level would be a decision time for memecoin. Based on volume and prevailing market sentiment, a breakout beyond these two regions may or may not occur. Based on the available technical evidence, a northward push beyond $0.00002312 and towards the range highs at $0.00002464 can be expected.
Disclaimer: The information presented does not constitute financial, investment, business or other advice and represents the opinion of the author only.
