Shiba Inu (SHIB) persists in sideways trade, aligning with the general bearish bias across the markets. The markets suffered another dip on Mar. 10 after impressive gains in the prior day. After becoming the best-performing cryptocurrency of the year in 2021, SHIB’s performance has been underwhelming in recent months as it remains down 74.39% from its record highs. According to Coincodex, Shiba Inu sentiment is currently bearish, with 4 technical analysis indicators signaling bullish signals and 22 signaling bearish signals. AMC CEO, Adam Aron has taken to Twitter on Mar. 10 to announce the official debut of SHIB online payments on its website via BitPay. He stated ”As promised, the AMC theatre website now accepts Dogecoin and Shiba Inu for online payments”. Shiba Inu trades down 5.16% at $0.0000226, at press time. Cryptocurrency exchange Binance recently announced a giveaway for Shiba’s wife’s new users, a new project where 10% of transaction fees go for women with violated rights. Allowing them to earn “Shiba’s Wife Tokens”.
Key Levels
Resistance Levels: $0.00003535, $0.00003250, $0.00002740
Support Levels: $0.00002250, $0.00002071, $0.00001866
SHIB/USD Daily ChartAs the SHIB/USD price extends its consolidation above the $0.00002000 mark, the sell-off trend appears to be slowing. The medium-term oscillators are predicting a modest increase in positive momentum, which could extend the SHIB/USD pair’s consolidation from January 22. The relative strength index (RS) is staying immediately beneath the 50 neutral levels.
As SHIB approaches its ascending trendline, a sustained advance above the daily moving average (MA 50) at $0.00002500, on the other hand, might cause sellers to flee the market, easing the pressure on the 15th largest cryptocurrency. On the downside, the $0.00002071 low of Feb. 24 is the next level of support, and $0.00002300 is a crucial level for a rebound.
SHIB/USD 4-Hour ChartSHIB has been mostly trading within the range around the $0.00002740 – $0.00002300 level, which is where the short-term resistance and support reside. Attempts to increase the SHIB/USD pair may be met with immediate upside restrictions around 4-hour MA 50 near $0.00002400. If buyers continue to push higher, resistance might form around the 4-hour MA 200.
If bearish pressures regain momentum, the Feb. 24 base formed at $0.00002071 will act as an initial deterrent to the pair falling lower. In conclusion, the SHIB/USD pair is maintaining a neutral-to-bearish tone. To establish a clearer short-term direction, a break below the $0.00002250 floor or above the $0.00002400-$0.000026 ceiling of the modest consolidation would be required.
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