SHIB Knight argues that SHIB is not in its process of moving and is still early. The opinion is based on the analysis of the chart that displays prices close to long-term lower-ranges consolidation. However, the current structure of the chart does not show that a breakout from resistance occurred.
The extended timeframe shows a clear downtrend to $0.00000546. Before that happened, there was a sharp rise up to the level of $0.000045. Price had several attempts that resulted in failure at the levels of $0.000020 and $0.000030. It means that these levels were zones of active sales before.
The price began to fall slowly while being in the range of $0.000005-$0.000007. There are recent candles that are compressed at this lower level. It means that there is a transition from active selling to trading.
The current market chart displays the price at $0.000005416. The token rose by 0.4% over the past 24 hours shown on the chart. Trading activity was within the range of about $0.00000535 and $0.00000550.
Spot Flows Still Mixed Across Exchanges
$0.00000550 still looks like the nearest visible resistance point. Multiple attempts to reach this resistance point have not succeeded in sustaining a price advance there. In the meantime, the immediate downside reference for the range is $0.00000535โ$0.00000540.
The spot-flow chart demonstrates many alternations of positive and negative flows. Both green and red bars have been seen all the way from November through September. No side showed any consistent behavior during the whole period.
There were several positive spikes in December and January. However, the price line kept deteriorating further despite these periods. This indicates that occasional inflows could not generate a consistent upward price formation.
The largest visible inflow was registered at the end of July. It was a green spike that exceeded $5 million and looked higher than the majority of other spikes. However, it had no effect on the subsequent price movement.
Resistance Defines The Technical Phase Ahead
Exchange volumes continue to be split between the large exchanges as well. There was trading of approximately $119.10K on Binance, whereas there was trading of about $84.04K on Upbit. Trading of about $44.08K and $34.64K was done on OKX and Bybit respectively.
The short-term technical analysis continues to see multiple attempts at recovering near $0.00000550. If the price manages to breach that level, it will change the immediate technical phase of the market and indicate that bulls have gained more power. Until then, price remains inside the defined consolidation phase.
The longer-term technical picture sees a possible rise towards $0.000010 and $0.000013. However, this is still speculative and price movement is needed to validate these moves.
There is also higher time frame resistance in the form of $0.000020 and $0.000030. In previous bullish waves, sellers emerged near both those levels. Any bullish wave will therefore have to navigate several resistance levels.
For the time being, SHIB continues to trade near its long-term base, with mixed flow in the spot market and resistance defining the current recovery phase. The reaction near $0.00000550 is an important technical level.
