SHIB Consolidation: When Can Traders Expect a Price Rise?

• Shiba Inu (SHIB) has experienced a notable price action in the early days of 2023 and reached yearly highs above $0.000015.
• The bulls have recently sparked a rebound, but the prices are still restricted below $0.000011.
• Technical indicators suggest that Shiba Inu is close to breaking out of consolidation.

Shiba Inu Price Analysis

Shiba INU (SHIB), one of the most popular meme coins within the crypto space, has displayed a notable price action in the early days of 2023. Despite maintaining decent trading volumes, the price was able to hit yearly highs above $0.000015 before dropping hard below crucial levels at $0.00001. Although there has been a recent rebound from bulls, prices remain restricted below $0.000011.

Technical Indicators

Shiba INU’s current trading is within a symmetrical pennant and is very close to encountering the edge of consolidation. The Average Directional Index (ADX) is sliding down as buying pressure does not mount to necessary levels which may pave way for bears to take control and breakdown from triangle which could bring about huge liquidity and trigger noteworthy rebounds . Technical indicators also show that Relative Strength Index (RSI) rebounded from lows but failed to lay down strong upswing thus keeping price within consolidation zone .

Pivotal Levels

The pivotal levels for SHIB are Resistance – $ 0 . 00001180/1D & Support -$ 0 . 00001009 / 4H with Moving Averages -50 & 200 at respective values of $ 0 . 00001077 / 1D &$ 0 . 00001151/4H respectively .

Overall Market Sentiments

The overall market sentiments for Shib remains neutral as no significant changes have taken place yet which could influence its further course or breakout from consolidation zone however technicals indicate some significant developments in near future with possible rise in prices towards key resistance level at $ 0 .000012 initially followed by testing higher levels if positive momentum continues otherwise it might breakdown from triangle leading to major drop in prices again .

Conclusion

Given current technical analysis it can be concluded that Shiba INU is expected to break out of consolidation soon with possibility of rising significantly however traders should keep an eye on any further changes or developments which might help determine exact direction for SHIB’s future movement either due bullish or bearish forces eventually prevailing over other .