Shiba Inu Price Analysis: $SHIB Price Delays Inevitable Rise to $0.00001; Right Time to Buy?

Shiba Inu Price Analysis: Despite the recent surge in the crypto market, the Shiba Inu price has remained stagnant. The multiple short body candles with long wicks reject no clear dominant force in this memecoin so far to lead a sustained rally. Over the past three weeks, the prices have consistently hovered between the $0.00000912 and $0.00000828 levels, indicating a narrow range formation. To move this altcoin out of its current consolidation phase, a breakout in either direction is necessary.

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Shiba Inu Price Daily Chart

• A long-coming support trendline protects the Shiba Inu price from an excessive downtrend
• An upside breakout from $0.00000912 resistance could signal a trend reversal in the SHIB price 
• The intraday trading volume of the Shiba Inu coin is $79.9 Million, showing a 0.38% loss.

Source- Tradingview

At the time of reporting, the Shiba Inu coin is trading at $0.00000863, showing minimal fluctuations within a narrow range. Despite the positive market sentiment, the SHIB price remains stagnant, indicating no firm conviction from either party to take trend control.

However, this consolidation is hovering above a long-coming support trendline, which may increase accumulation behavior from buyers. If the bullish momentum rises, a successful flip above the immediate resistance of the $0.00000912 mark will add confirmation of a bullish recovery.

This post-breakout rally could hit potential targets of $0.00000912, followed by $0.00000947, and $0.00001076.

On a contrary note, a breakdown below the lower trendline could undermine the bullish thesis.

Will Shiba Inu’s Price Lose $0.00008?

The ascending support trendline has acted as a crucial accumulation zone for buyers over the last eleven months. Historically, a bullish reversal from this support during June 2022 triggered a 150%, while a rebound on January 1st this year carried a 101% rally. Thus, until the lower trendline is intact the SHIB holders can maintain a bullish outlook and therefore a breakdown below $0.000008 is less likely.

• Relative Strength Index:  Despite the sideways price action, an evident rally in the daily RSI slope projects the growing bullish momentum in the market.
• EMAs: The 20-day EMA as dynamic resistance tries to prolong the consolidation phase for a few more trading days.