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