- SHIB price is stuck trading around the $0.00000700 range for the past day.
- The Bollinger Bands indicator shows Shiba Inu volatility has dried up.
- A large move is generally observed after breaking from the no-trade zone, ranging from $0.00000974 to $0.00000693.
Shiba Inu price is trading in a tight range under a crucial supply zone. A breakout from the volatility-nil phase would indicate massive moves for SHIB price.
SHIB price awaits a catalyst
SHIB price is currently experiencing a lack of volatility, keeping it around the $0.00000700 level for the past day. In fact, Shiba Inu has not traded above $0.0000100 for the past five days. Such a move indicates a lack of volatility and is affirmed by the Bollinger Bands indicator tightly squeezing the SHIB price action.
Shiba Inu is trading in a no-trade zone that ranges from $0.00000974 to $0.00000693. A breakout from either of the boundaries suggests an increase in volatility and that a violent move might follow.
Assuming a decisive 6-hour candlestick close above $0.00000974, then SHIB price could then rally 20% to tag the upper boundary of the supply zone at $0.0000117.
If the buying pressure persists, Shiba Inu will likely rise by another 20% to test the resistance level at $0.0000144.
SHIB/USDT 6-hour chart
On the other hand, if the dog-themed cryptocurrency produces a convincing close below $0.00000693, it will signal the start of a down move. However, a confirmation of this will arrive after SHIB price has sliced through the support level at $0.00000654.
In that case, Shiba Inu price might drop 36% to tag the support at $0.00000420.
Investors need to note that either scenario might occur, and an immediate confirmation for the same will arrive after SHIB price tears through the Bollinger Bands. However, until the dog-coin fails to do so, it does not have any inherent bias.