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Again, the price of Shiba Inu (SHIB) coin is making waves with the adoption rate milestone. Another step forward for SHIB as a more widespread form of payment, the Dubai-based real estate company has announced that it will now accept meme coin for property purchases.
The SHIB news is a step in the right direction for SHIB, which wants to be more than just a meme coin. Despite this upbeat adoption news, SHIB’s market performance has been underwhelming, failing to take hold in the bear market.
The Shiba Inu coin price fell almost 6% in one day despite the positive news
Despite the news of SHIB’s adoption, the meme coin has seen a 5.84% drop in the last 24 hours, trading at $0.00002061 at the time of writing. The token’s market capitalization is $12.14 billion. SHIB’s 24-hour trading volume increased by 20.31% to $478.26 million, as activity appears to be directed against buyers rather than sellers, adding further downward pressure on the token’s price.
According to previous expert opinions, the TD Sequential indicator on the daily Shiba Inu ($SHIB) chart shows a bullish buy signal. The price has now reached current levels, with potential upside for future entry. If this indicator materializes, SHIB could return to the target of $0.000026 (38.2% Fibonacci level) and $0.000029 (23.6% Fibonacci level).
Technical analysis: The bearish pattern persists
The Shiba Inu charts show that the market was bullish for most of the year until December 15th. This is mainly due to the bearish trend that lasted for four hours. The trend channel was sloping down, as was this downtrend, with low highs and low lows. However, the bearish momentum has subsided and as you can see on the chart, a consolidation is taking shape.
At this stage, the price is moving sideways between the support level of $0.00002050 and the resistance level of $0.00002250. This consolidation implies market indecision in which neither buyers nor sellers have been able to dominate the market.
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Shibo’s price is almost occupied by a key support level, which is $0.00002068. Multiple consolidation tests support this flow of customer interest.
Conversely, recent attempts to break the $0.00002250 resistance are not valid. This implies that the selling pressure in this range is intact. When we see that the market cannot break out of this range, it is a sign of low volatility and a market waiting for a catalyst to define its next direction.
The Awesome Oscillator (AO), the coin’s momentum indicator, is in the negative zone. This indicates that bearish pressure still prevails.
However, the histogram bars are shrinking, indicating a possible weakening of the bearish momentum. A positive AO indicates that a bullish momentum may begin soon. Traders should closely monitor this indicator for changes in market sentiment.
It shows two possible iterations. If the price breaks below the support at $0.00002050, which has been tested, it would confirm that the bearishness has extended further and could reach the next support level near $0.00001800.
On the other hand, a reversal high above $0.00002250 would negate the bearish bias and leave room for the end of the bearish reversal. The consolidation phase is likely to be a crucial time, and this range will determine the next direction of movement for SHIB.
