• According to Coincodex, Shiba Inu sentiment is currently bearish
  • At press time, Shiba Inu shares were down 5.16% to $0.0000226
  • AMC Theatres website now accepts Shiba Inu for online payment

Shiba Inu (SHIB) continued to consolidate sideways, in line with the general bearish bias of the market. After impressive gains the day before, the market fell again on March 10. After being the best performing cryptocurrency of the year in 2021, SHIB has been underperforming in recent months and is still down 74.39% from its all-time highs. According to Coincodex, Shiba Inu sentiment is currently bearish, with 4 technical analysis indicators issuing a bullish signal and 22 issuing a bearish signal. AMC CEO Adam Aron announced on Twitter on March 10 the official launch of SHIB online payments via BitPay on its website. As promised, AMC Theatre's website now accepts Dogcoin and Shiba Inu for online payments," he said. At press time, Shiba Inu's share price was down 5.16% to $0.0000226.

Key Levels Resistance levels: $0.00003535, $0.00003250, $0.00002740 Support levels: $0.00002250, $0.00002071, $0.00001866

SHIB/USD Daily Chart: Range SHIBUSD-Daily-March-10.png.webp SHIB/USD Daily Chart

The selling trend seems to be slowing down as SHIB/USD price consolidates above $0.00002000. Medium-term oscillators predict a moderate increase in positive momentum, which could prolong the consolidation of the SHIB/USD pair since January 22. The Relative Strength Index (RS) immediately remains below the neutral 50 level.

On the other hand, a sustained rise to $0.00002500 above the daily moving average (MA 50) could cause sellers to flee the market as SHIB approaches its uptrend line, easing pressure on the 15th largest cryptocurrency. On the downside, the Feb. 24 low of $0.00002071 is the next support level and $0.00002300 is a key level for a rally.

SHIB/USD 4-hour chart: range SHIBUSD-4-Hour-March-10.png.webp SHIB/USD 4-hour chart

SHIB is trading mainly within the range of $0.00002740 to $0.00002300, which is where short-term resistance and support are located. Attempts to increase the SHIB/USD pair may be immediately limited to the upside around the 4-hour MA 50 at $0.00002400. If buyers continue to push higher, resistance could form around the 4-hour SMA 200.

If bearish pressure regains momentum, the $0.00002071 bottom formed on February 24 will serve as an initial deterrent to the pair's decline. All in all, the SHIB/USD pair maintains a neutral to bearish tone. In order to establish a clearer short-term direction, a break below the lower limit of $0.00002250 or above the upper limit of a mild consolidation at $0.00002400 to $0.000026 is needed.

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