SHIB Trades Near $0.00000937 As RSI and MACD Reflect Ongoing Market Consolidation

In the past 24 hours, SHIB has decreased by 3.5% and is currently traded at the price of 0.00000937 where the support is 0.00000909 and resistance is 0.00001032.

RSI readings of 44.25 and 33.96 exhibit a neutral range of momentum without positive direction bias.

MACD indicators remain bearish, reflecting minor bearish pressure while SHIB remains in a tight range of consolidation.

Shiba Inu (SHIB) continues to trade in a tight range as its price retreats from recent highs. Market action by the token shows consolidation mode in a gradual decline in momentum. During reporting, SHIB was trading at $0.00000937, 3.5% down in the past 24 hours. The coin’s performance also saw little action against major pairs, gaining 0.5% against BTC and 1.2% against ETH.

This latest spike happened while SHIB’s total market capitalization held a balance of around $5.85 billion between buying and selling orders. The token is still close to a pivot support of $0.00000909, and short-term resistance is at $0.00001032. Close range reveals a small volatility with the market awaiting a possible break out.

Technical Indicators Show Limited Momentum

The most recent hourly Relative Strength Index (RSI) for SHIB is at 44.25, while the secondary close is about 33.96. The indicator shows the token trading in a neutral zone, not having any strong overbought or oversold signals. The trend of RSI since early September indicates that price fluctuations have been minor, often reversing near the 30 and 70 marks.

Source: TradingView

Besides, the Moving Average Convergence Divergence (MACD) is an indicator that there is a bearish attitude in the market. The signal line and histogram of the MACD are -21.84M and -30.59M, respectively. This is leaning towards a bearish movement but not to such an extent that it can justify a significant change in direction.

Market Focus Turns to Key Support

Should SHIB hold at $0.00000909, market participants can expect further consolidation in the near future. Any failure below this area, though, can open the way to all retests of lower support levels around new lows.

A bounce back to 0.00001032 on the other hand would take SHIB back to its previous resistance zone. The sideways price movement of the asset until there is a distinct break highlights the simmering volatility of the wider crypto space.