SHIB Price Teeters on Edge as Bulls Eye $0.000015 Amid Market Shake-Up
- SHIB approaches key resistance as traders watch $0.000015 level closely.
- Tightening Bollinger Bands suggest upcoming volatility in SHIB’s price action.
- Ethereum rally fuels fresh momentum for Shiba Inu’s market position.
Shiba Inu (SHIB) is trading in a critical price range as technical indicators signal a potential shift. The meme-based cryptocurrency is hovering near $0.0000141, up 1.25 percent in the last 24 hours, after reaching a daily high of $0.0000143.
Market analysts are also watching the increase in Bollinger Bands formation at SHIB, which indicates a tightening atmosphere. Such a trend means that volatility is lower and that there is a potential breakout. In the past, these arrangements have been precursors of steep price action, whether up or down, resulting in heightened concentration on the prevailing price range.
On the weekly timeframe, the SHIB moves towards the upper Bollinger Band, with values between $0.00001414 and $0.00001432. This band was the origin of bull rallies in past market cycles. However, as the bands become narrower, the chances of near-term reversal increase as well.
The traders are considering the likelihood that SHIB could reach an important psychological resistance of $0.000015. This level may be achieved very soon in case the momentum is maintained. Simultaneously, with the increase in selling pressure, the price will be able to slide to the $0.000013 zone, where a temporary contraction will occur.