What’s Next for SHIB Price After 35 Days Consolidation?

What’s Next for SHIB Price After 35 Days Consolidation?

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 For the past month, the SHIB price has oscillated between the $0.0000077 and $0.000007 markers, suggesting a tight trading range. This stagnant phase underscores a lack of decisive moves from both buyers and sellers, painting a picture of market ambivalence. Given the broader crypto market’s recent slump, it wouldn’t be surprising to see SHIB test the range’s lower echelon, potentially signaling an extension of its bearish undertones. Is it time to consider an exit strategy?

Also Read: Shiba Inu Admin Profile Hack, All You Should Know

Range Breakout Would Trigger Bullish Rally

  • The range formation creates a non-trading zone in the SHIB price
  • The $0.000007 stands as a strong demand zone for crypto buyers
  • The intraday trading volume of the Shiba Inu coin is $54.5 Million, showing a 0.6% gain.

TradingView ChartSource- Tradingview

The ongoing downtrend in the Shiba Inu coin price can be followed by the formation of a falling wedge pattern. The weekly chart showcases this pattern’s two converging trendlines that serve as dynamic resistances and supports.

Over the past year, the SHIB price has seen two significant rebounds off these trend lines, highlighting its role in shaping its price dynamics. The present correction within this structure seems to have stabilized at the $0.000007 mark, spawning a minor consolidation above it. 

As this phase potentially rejuvenates the latent bearish momentum, we might see sellers tip the scale and breach the lower support as a signal of continuing the bear trend. If this scenario unfolds, a subsequent drop could see prices tumble by as much as 28%, targeting the wedge pattern’s support near the $0.000005 mark. 

As long as this pattern holds its sway, the SHIB price might continue its southbound journey.

SHIB vs BTC vs ETH Performance

SHIB vs BTC Vs ETHSource: Coingape| Bitcoin Vs Ethereum, Vs Shiba Inu Price

In a comparative analysis, the Shiba Inu price has shown a steady downtrend since August 15, whereas the leading cryptocurrency BTC and ETH has shown a more stable sideways. Despite the Bitcoin price and Ethereum price showing signs of revival since mid-September, the SHIB coin’s persistent bearishness warrants caution for potential investors in this meme cryptocurrency

  •  Moving Average Convergence Divergence The MACD and signal slope flattens around the oversold region accentuating an uncertain market sentiment.
  • Exponential Moving Average: The 20-and-50-weekly EMAs marked dynamic resistance against a bullish upswing.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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