Shiba Inu Consolidates Around $0.0001-Here’s When The SHIB Price May Rise High

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

Pivotal Levels

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.