The overall crypto market has yet again dropped below the $1 trillion mark and is now positioned at $996.5 billion, and several major cryptocurrencies have lost their crucial levels and dipped massively. SHIB Inu is no exception to this.
The ongoing stable price action in the asset is a warning to all short term and long term investors. The speed of the Shiba Inu has been maintained since the beginning of September. The 4-hour candle from Sept. 2 to 4 indicates that the currency is trading between $0.00001205 and $0.00001227.
Next, from Sept 7 to Sept 9, Shiba Inu displayed its price action near the same support line as the currency was again selling near the support level of $0.00001222 and $0.00001205 again.
SHIB price to see major decline
Meanwhile, the Bollinger Band (BB) of the Shiba Inu indicates that the volatility of the SHIB has decreased. CoinMarketCap reports that SHIB has lost 4.64% in the past 24 hours, despite the currency losing 90% since September 9th.
While the meme currency trades in less volatility, the long-term traders will have to reconsider their trading strategy.
According to the 20 EMA and 50 EMA, SHIB should indicate strong buy action, but it is not as the price is currently stable. This is because the 50 EMA is approaching the 20 EMA – there is a reason why buyers are moving away.
On the other hand, for short-term traders, the 200 EMA suggests that SHIB will not see a price surge in the days to come. However, SHIB tends to move along with Bitcoin, thus, if BTC sees a surge, there is still hope for the meme coin.
Even the Relative Strength Index (RSI) is indicating that buyers have indeed lost their positions after the SHIB crashed on September 11.
