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Shiba Inu Price May Break Out of Consolidation as Investors Return

2 mins
Updated by Harsh Notariya
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In Brief

  • Shiba Inu is rangebound between $0.00001462 and $0.00001271, seeking bullish momentum to break free from consolidation.
  • Renewed investor interest and a weakening bearish trend, per ADX, suggest SHIB may be poised for a potential rally.
  • A breach of $0.00001462 could push SHIB toward $0.00001699, while failure risks continued consolidation and selling pressure.
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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

Shiba Inu Total Addresses With Balance.
Shiba Inu Total Addresses With Balance. Source: IntoTheBlock

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.

Shiba Inu ADX.
Shiba Inu ADX. Source: TradingView

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

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

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.

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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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