When The SHIB Price May Rise High, Shiba Inu Consolidates Around $0.0001

News Desk5
3 Min Read

Story Highlights

  • Shiba Inu is expected to break out of consolidation, with technicals indicating significant price action
  • The price may reach $0.000012 initially and then test higher levels

Shiba INU, one of the most popular meme coins within the crypto space displayed a notable price action in the early days of 2023. Despite the trading volume maintaining decent levels, the price remained elevated to mark the yearly highs above $0.000015.

Woefully, the bulls lost their grip over the rally, which compelled the price to drop hard below the crucial levels at $0.00001. Meanwhile, the bulls have sparked a notable rebound as the prices slightly rise but remain restricted below $0.000011. 

Will SHIB break above the prolonged consolidation?

Shiba INU (SHIB) Price Analysis

  • The Shiba INU price is currently trading within a symmetrical pennant and is very close to encountering the edge of the consolidation 
  • The price from the past few days is trading along the lower support of the triangle, indicating a slight weakness in the strength of the rally as the Average Directional Index (ADX) is sliding down
  • Alongside, the RSI rebounded from the lows but failed to lay down a strong upswing. Hence, the price may remain within the consolidation 
  • Moreover, the buying pressure has not mounted to the required levels which may pave the way for the bears to utilize their strength 
  • This may compel the price to breakdown from the triangle which may attract huge liquidity, triggering a notable rebound

Shiba INU (SHIB) Technical Analysis

Technical IndicatorsValue (4h/1D) Signal (4hr/1D) 
Relative Strength Index (RSI)46.05 / 44.59Neutral / Neutrall
MACD-0.00000001 / -0.00000032Neutral / Buy
Average Directional Index (ADX)12.04 / 11.22Neutral / Neutral
Average True Range (ATR) 0.00000026 / 0.00000078Neutral / Neutral

Pivotal Levels

LevelsValue (4h/1D)
Resistance $0.00001180 / $0.00001475
Support$0.00001009 / $0.00001030
Moving Average (MA)-50$0.00001077 / $0.00001206
Moving Average (MA)-200$0.00001151 / $0.00001068

The overall market sentiments for Shiba INU price are relatively neutral at the moment regardless of whether it is in the short-term or long-term. Hence the price may remain within the resistance and support levels either in the short term or long term until the bulls reclaim their dominance and propel the price high. 

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