• Shiba Inu (SHIB) is in a consolidation phase with prices ranging between $0.00001 and $0.00001180.
• Technical indicators suggest that the price may break out of consolidation soon, and may reach $0.000012 initially before testing higher levels.
• The buying pressure has not mounted to the required levels, which could pave the way for bears to utilize their strength and push the price down below the triangle.
Shiba Inu Consolidates Around $0.0001
Shiba INU (SHIB), one of the most popular meme coins within the crypto space has displayed notable price action in early 2021 as it reached yearly highs above $0.000015 and then dropped hard below crucial levels at $0.00001. Bulls have sparked a noticeable rebound as prices slightly rise but remain restricted below $0.00001180.
The SHIB price is currently trading within a symmetrical pennant and is very close to encountering the edge of consolidation; trading along lower support of triangle indicating slight weakness in rally strength due to Average Directional Index (ADX). Relative Strength Index (RSI) rebounded from lows but failed to lay down strong upswing, so SHIB may remain within consolidation range for some time now, till buying pressure mounts up significantly enough for breakout.
The technical indicators point towards neutral signals on both 4 hour and 1 day chart: RSI stands at 46/44 respectively while MACD shows -0/-32 points; ADX scores 12/11 while ATR reads 0.00000026/ 0.00000078 respectively. Pivotal resistance stands at 1180 while support lies at 1009 on 4 hour chart; 1475 & 1030 are respective resistance & support on 1 day chart; 50 MA stands at 1077& 1206 on 4 hour/ 1day chart whereas 200 MA shows 1151 & 1068 on corresponding charts respectively
Market sentiments show that bulls are having difficulty breaking out from prolonged consolidation, however if they succeed it could trigger significant rebound leading SHIB prices towards 12000 mark initially, though further bullish movements will depend upon amount of liquidity entering market after breakout occurs .
Shiba Inu has experienced major fluctuations in its price since beginning of year 2021 and is currently undergoing consolidation phase which might break soon depending upon how much buying pressure builds up in short term . If bulls manage to break out successfully then there’s potential for significant gain beyond 12000 mark , however , bearish movement still remains possibility depending upon market conditions .