- Shiba Inu price trades in a narrow range today against all previous ranges this week.
- SHIB price looks for direction as bulls try to refrain from making new lows for the week.
- Expect a massive big bang in price action as price action gets overcompressed.
Shiba Inu (SHIB) price action sees buyers and sellers getting further pushed towards each other in a narrow bandwidth of just $0.00000031 difference between the high and low of today. This very narrow bandwidth is unmanageable and will soon trigger a retreat by one or other of the parties. Expect to see the dice fall in favour of bulls with a massive jump towards $0.00001708, or a 60% rise.
SHIB price set for a big bang of 60%
Shiba Inu price sees its price trading in the narrowest leeway it has been in for several months. Both buyers and sellers are trading so close to one another that both parties will draw the short end of the straw and be pushed out of their positions. As sentiment is shifting slightly in favour of bulls, bears may come off worse.
SHIB price is thus set for a pop higher, and as the range narrows further, the bigger the breakout that follows. Following that logic, SHIB price will likely slice like a knife through butter and rally towards at least $0.00001400, which is the monthly pivot, although it could even go as far as $0.00001708, fully erasing the drop from May. Should tailwinds increase, this is a possible scenario, especially given the Relative Strength Index is still very much subdued.
SHIB/USD daily chart
As still quite a lot of tail risks are hovering over the markets, it is just a matter of time before one escalates and triggers a cramp in financial markets, with safe havens seeing massive inflows and cryptocurrencies dropping another leg lower. For SHIB price, that could mean goodbye to $0.00001000 and possibly a drop towards $0.00000600.
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