- SHIB finds solid support near $0.00001221 as buyers prevent further downside moves
- Resistance at $0.00001276 caps bullish attempts despite MACD’s early green signal
- RSI’s slow climb hints at potential bullish sentiment amid low trading volume
Shiba Inu (SHIB), a popular meme-based cryptocurrency, is currently under bearish pressure, showing a visible dip in momentum. As of April 22, SHIB trades at $0.00001240, reflecting a 2.79% decline over the past 24 hours. The recent price action signals hesitation from buyers, with short-term recovery attempts failing to break above key resistance zones.
This has left many investors watching closely to determine if the token will continue to slide or mount a comeback. With volume slightly decreasing and momentum indicators sending mixed signals, the current market structure presents a delicate balance between consolidation and breakdown.
Support and Resistance: Crucial Zones to Watch
The price hit a low of $0.00001221, a level that has now emerged as the strongest support in the near term. Buyers showed moderate interest around this zone, preventing further downside for now.
Another key level of support rests at $0.00001230, as this area witnessed repeated wick rejections. This behavior implies that short-term traders are placing buy orders in this region, hoping to catch a bounce.
On the flip side, resistance levels remain firm. The upper boundary lies at $0.00001276, which was the intraday high before the price reversed sharply. This level has proven to be difficult for SHIB to breach.
A secondary resistance can be found at $0.00001255, where price action faced another rejection earlier in the day. Until these levels are cleared, bullish momentum may remain capped.
Momentum and Market Sentiment: Mixed Signals Persist
The 24-hour trading volume fell to $141.77 million, marking a 2.22% decline. This reduction suggests fading interest or a potential phase of consolidation.
The volume-to-market cap ratio stands at 1.94%, indicating average liquidity levels. Without a surge in volume, significant price moves remain unlikely in the short term.
Technical indicators offer slightly more optimism. The MACD is showing early signs of a bullish crossover. The histogram is turning green, suggesting that buying momentum may be picking up.
Meanwhile, the Relative Strength Index (RSI) is hovering around 50.89, showing a neutral stance. However, its gradual upward movement could hint at brewing bullish sentiment.
