Shiba Inu [SHIB] can offer short-term trading opportunity here

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

Shiba Inu [SHIB] has a market cap of $6.7 billion, despite being dubbed a meme coin. Long-term investors in crypto are not likely to be enthused by the prospects of Shiba Inu.

Short-term traders could still stand to profit from the price movements of SHIB. Bitcoin [BTC] saw a minor bounce above the $19k mark in recent hours, but buyers must remain cautious as another drop remained possible.

Source: SHIB/USDT on TradingView

In August, SHIB rallied from $0.00001169 to $0.000018. The rally measured nearly 55% in less than a week. In the following two weeks, SHIB undid all these gains as it slid lower and lower. Eventually, 100% of the move upward was retraced.

At the time of writing, the price was between two important short-term support and resistance zones. Support lay at $0.00001194, highlighted by the cyan box. Resistance was at $0.00001267, marked in red.

Both these areas lie about 3% from where SHIB traded at the time of writing. Hence, a trading opportunity was not yet present. A buy or sell opportunity could arise over the next week, and Bitcoin’s movement could have a large impact as well.

Source: SHIB/USDT on TradingView

The indicators were somewhat neutral for SHIB. The Relative Strength Index (RSI) straddled the fence at neutral 50. Momentum was not in favor of either the bulls or the bears.

The Accumulation/Distribution (A/D) line has crept downward very slightly over the past couple of days. At the same time, the Chaikin Money Flow (CMF) also sat in neutral territory between the +0.05 and -0.05 values.

The inference from the volume indicators was that neither buying nor selling pressure