Shiba Inu Consolidates Weekend Volatility, Looks To Set New Pattern: A Technical Analysis
Portfolio Pulse from Melanie Schaffer
Shiba Inu (CRYPTO: SHIB) saw a 2.8% increase during Wednesday's trading after announcing a collaboration with D3 Global for the .shib domain. Despite the news, SHIB's value remained relatively stable, continuing the sideways trend from the weekend's volatility. Technical analysis suggests SHIB may consolidate further before establishing a new trend, with key resistance at $0.00001081 and support at $0.00000966.
December 20, 2023 | 8:28 pm
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NEUTRAL IMPACT
Shiba Inu's collaboration with D3 Global for the .shib domain has not significantly impacted its price, with SHIB trading sideways. The crypto may continue to consolidate with a potential to establish a new trend based on upcoming trading volumes and investor sentiment.
The news of the collaboration is relevant to Shiba Inu but has not caused a significant price movement, indicating a neutral impact in the short term. The importance is moderate as collaborations can affect long-term value but have not swayed short-term price action. Confidence is at 75 due to the historical volatility of cryptocurrencies, which can lead to unpredictable short-term movements.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 100