Shiba Inu (SHIB) price has been moving sideways, fluctuating between $0.00001462 and $0.00001271 over the past few weeks. The altcoin has been stuck in this range since early August, looking for bullish cues to break free and rally upward.
With recent shifts in market sentiment and new investor interest, SHIB could be positioned to exit this range and rise, provided certain conditions are met.
Shiba Inu Sees Demand
Following a relatively bearish April, approximately 2,000 SHIB holders exited the network, reflecting investor uncertainty. It took nearly four months for Shiba Inu’s investor base to return to normal levels. This renewed participation in the SHIB network signals growing confidence among investors, suggesting a shift in sentiment toward a more bullish outlook.
If the market continues to show positive signs, SHIB could be in a position to capitalize on the fresh influx of interest, driving its price higher in the coming weeks.
Read more: How To Buy Shiba Inu (SHIB) and Everything You Need To Know
From a technical standpoint, Shiba Inu’s macro momentum appears to be shifting. The Average Directional Index (ADX), which measures the strength of a trend, is nearing a drop below the critical threshold of 25.0. On the 3-day chart, the ADX has been signaling a weakening downtrend, indicating that the bearish momentum could be fading.
Once the ADX falls below the 25.0 threshold, Shiba Inu could see an opportunity for recovery. The decreasing strength of the bearish trend could provide the necessary conditions for SHIB to regain upward momentum and potentially break out of its current trading range.
SHIB Price Prediction: Struggle Ahead
Currently trading at $0.00001333, Shiba Inu’s price has been rangebound between $0.00001462 and $0.00001271 since early August. Previous attempts to escape this range failed due to a lack of bullish momentum, keeping SHIB stuck in its consolidation phase. However, market conditions suggest a potential change in the near term.
If Shiba Inu can capitalize on improving market sentiment, a breach of the $0.00001462 resistance level could propel SHIB toward $0.00001699. While breaking this level could take time, the improving macro momentum and renewed investor confidence offer hope for a future rally.
Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
On the other hand, failure to breach the current resistance would likely result in continued consolidation within the current price range. In this scenario, Shiba Inu would face the looming threat of further selling pressure, with investors possibly exiting the market, which could invalidate the bullish outlook for the meme coin.
Disclaimer
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Source: https://beincrypto.com/shiba-inu-price-may-break-out-of-consolidation/