- SHIB price is stuck trading around the $0.00000700 range for the past day.
- The Bollinger Bands indicator shows Shiba Inu volatility has dried up.
- A large move is generally observed after breaking from the no-trade zone, ranging from $0.00000974 to $0.00000693.
Shiba Inu price is trading in a tight range under a crucial supply zone. A breakout from the volatility-nil phase would indicate massive moves for SHIB price.
SHIB price awaits a catalyst
SHIB price is currently experiencing a lack of volatility, keeping it around the $0.00000700 level for the past day. In fact, Shiba Inu has not traded above $0.0000100 for the past five days. Such a move indicates a lack of volatility and is affirmed by the Bollinger Bands indicator tightly squeezing the SHIB price action.
Shiba Inu is trading in a no-trade zone that ranges from $0.00000974 to $0.00000693. A breakout from either of the boundaries suggests an increase in volatility and that a violent move might follow.
Assuming a decisive 6-hour candlestick close above $0.00000974, then SHIB price could then rally 20% to tag the upper boundary of the supply zone at $0.0000117.
If the buying pressure persists, Shiba Inu will likely rise by another 20% to test the resistance level at $0.0000144.
SHIB/USDT 6-hour chart
On the other hand, if the dog-themed cryptocurrency produces a convincing close below $0.00000693, it will signal the start of a down move. However, a confirmation of this will arrive after SHIB price has sliced through the support level at $0.00000654.
In that case, Shiba Inu price might drop 36% to tag the support at $0.00000420.
Investors need to note that either scenario might occur, and an immediate confirmation for the same will arrive after SHIB price tears through the Bollinger Bands. However, until the dog-coin fails to do so, it does not have any inherent bias.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.