news 
Shiba Inu Price Prediction – Will This Prevent a Bullish Breakout?
In the last two days, over 1.78 trillion SHIB tokens have been moved to exchanges. The recent trend indicates that if SHIB fails to hold support at $0.000024, it could lead to a steep decline. At press time, SHIB traded at $0.0000268 after experiencing a 1.9% drop in the past 24 hours.
Despite being up by 10% over the past month, weak buying activity has curtailed the uptrend. SHIB had formed a right-angled ascending broadening wedge pattern on its one-day chart, which typically indicates a bullish continuation if the price breaks above the upper trendline. However, the volume histogram bars have shortened, indicating reduced trading activity and a lack of adequate buying volumes to support an uptrend.
On the other hand, the Money Flow Index (MFI) stood at 43, showing weak momentum. This indicator has also sloped downwards, which suggests that more sellers are entering the market. Conversely, the Chaikin Money Flow (CMF) with a positive value of 0.15 indicates that buying pressure is still greater than selling pressure.
As buyers and sellers continue to fight for control, it could lead to SHIB consolidating within this channel.
Source: ambcrypto.com
