Shiba Inu’s Bollinger Bands Reach Tightest Levels Since February 2024

Shiba Inu's (SHIB) Bollinger bands have contracted to their tightest level since February 2024, indicating a potential for a significant price swing due to decreased volatility. The cryptocurrency experienced a notable decline of 13.8% last week, dropping to $0.00001160, but has since stabilized above $0.00001200.

SHIB's weekly chart. (TradingView/CoinDesk)

Key insights

  • Price volatility recorded with a range of $0.000003104 (25.4% differential).
  • Initial correction from $0.000012362 to $0.000011985 occurred in early trading.
  • Consolidation patterns formed near the support threshold of $0.000012000.
  • Recovery led to prices reaching $0.000012186 by session end.
  • Transaction volume surged over 19 billion tokens during breakout phases.
  • Support was challenged at $0.000012125 before resuming upward movement.
  • Session peaks reached $0.000012198, indicating resistance penetration.