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Shiba Inu (SHIB) Coin Price May Not Witness a Rally for The Next 23 Days

2 mins
Updated by Harsh Notariya
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In Brief

  • SHIB coin struggles in August, failing to break free from consolidation, leaving investors cautious.
  • Negative sentiment rises as SHIB holders lose faith, with MACD signaling extended downtrend.
  • SHIB likely to remain in sideways range until late September, with uncertain chances of a breakout.
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Shiba Inu (SHIB) coin price has recently faced significant challenges, struggling to escape the consolidation phase throughout August. 

Despite multiple attempts to break free, SHIB has remained under pressure, failing to establish a clear upward trajectory. The cryptocurrency’s inability to escape this range has left investors wary as market conditions weigh heavily on SHIB’s price movement.

Shiba Inu Holders Are Running Out of Hope

The market sentiment surrounding Shiba Inu coin price has taken a noticeable downturn, with bullishness among SHIB holders steadily disappearing. This shift is evident in the weighted sentiment, which fell below the zero line into negative territory for the first time since late July.

The decline in sentiment reflects growing pessimism among investors as they grapple with the lack of upward momentum in SHIB’s price. Prevailing negative sentiment indicates that many investors are also losing confidence in a near-term recovery. This could further dampen any potential bullish breakout. 

Read more: How To Buy Shiba Inu (SHIB) and Everything You Need To Know

Shiba Inu Weighted Sentiment.
Shiba Inu Weighted Sentiment. Source: Santiment

Additionally, analyzing Shiba Inu’s macro momentum reveals a concerning pattern. The Moving Average Convergence Divergence (MACD) indicator has shown a tendency to follow the same trend for periods ranging from 18 to 27 days. In SHIB’s case, the MACD recently noted a bearish crossover, indicating that the current downtrend may persist for an average period of 23 days. 

This pattern suggests that SHIB’s consolidation could continue until around September 26. During this time, the cryptocurrency is likely to remain under pressure, with limited opportunities for a price rally. 

Shiba Inu MACD
Shiba Inu MACD. Source: TradingView

SHIB Price Prediction: Sideways Is the Right Way

Shiba Inu coin price had a brief opportunity to escape its consolidation range, which spans between $0.00001462 and $0.00001281. However, a 12% drop in late August thwarted this attempt, causing SHIB to remain trapped within this narrow range.

This sideways movement will likely persist for the next three weeks based on current indicators. After this period, there is a possibility that SHIB could breach the upper limit of $0.00001462, potentially signaling the beginning of a recovery. However, the likelihood of such a breakout remains uncertain, particularly given the prevailing market sentiment.

Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030

Shiba Inu Price Analysis.
Shiba Inu Price Analysis. Source: TradingView

If the broader market recovers within the next three weeks, and its influence on altcoins is substantial, SHIB could potentially break out of its consolidation phase sooner. A sustained rise in SHIB’s price would require a move beyond $0.00001699, invalidating the current bearish outlook. 

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Aaryamann Shrivastava
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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