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The price of the popular meme-inspired cryptocurrency Shiba Inu (SHIB) has come to a point that can be described as nothing short of “now or never.” According to the Bollinger Bands indicator, the Shiba Inu token has hit the median line, a fixation below which could result in a painful drop of more than 17% to the lower end of the range. Currently, the lower of the Bollinger Bands is at $0.00002326 per SHIB, while the token itself is currently quoted at $0.00002826.
Bollinger Bands, a popular technical analysis tool, measure market volatility and identify potential overbought or oversold conditions. The indicator consists of three lines: a moving average, an upper band and a lower band. These bands expand or contract based on price fluctuations, providing traders with a look into potential breakout or breakdown points.
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That said, the opposite is also true, where an upside exit beyond the median, and holding there for however long a period of time, could open a path up for the Shiba Inu token – as high as $0.0000333 per SHIB.
In other words, there are two options for the capacitated cryptocurrency in the short term – either a 17% drop or an 18.3% rise. The chips are now on the bears’ side as this very median passes $0.0000283.
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The coming weekend will be crucial as SHIB’s price activity determines whether the cryptocurrency will succumb to bearish pressure or rally toward higher levels to the start of the new week. For now, the market sentiment appears to lean bearish, with the median acting as a pivotal resistance level.