Shiba Inu Price Analysis: SHIB Fails to Breakoutout of Consolidation Range

Despite the listing on Robinhood, SHIB has lost most of its recent gains.

Key Support level: $0.000023

Key Resistance level: $0.000028

The rally last week, which was following the news, could not hold SHIB’s price above the key resistance at $0.000028.

Since then, SHIB has dropped back toward the critical support at $0.000023, where it found a local bottom. However, the overall price action is turning bearish despite some attempts from buyers to change this.

Chart by TradingView

Technical Indicators

Trading Volume: The volume of the past days was low, without sufficient momentum to push SHIB away from its current range.

RSI: The daily RSI remains around the 50 points level, but this can quickly change if SHIB breaks below the critical support.

MACD: The daily MACD did a bullish cross during the news about Robinhood, but now it crossed back and turned bearish again.

Chart by TradingView

Bias

The bias on SHIB is bearish.

Short-Term Prediction for SHIB Price

SHIB appears to be unable to leave the price range that it was trading at, back in March. Now, the price is quickly approaching the key support at $0.000023.