Is It Too Late to Buy Shiba Inu? SHIB Price Jumps Up with $100 Million Volume and This $1 Bitcoin Alternative Has Raised $2,000,000 Already
The SHIB army are fighting on, as two-years of downside price action for the second-biggest meme coin continues to push lower, but could technical consolidation ignite recovery rally? Find out in Shiba Inu price analysis.
Since the all-time high in the midst of the 2021 bull run, Shiba Inu has been hit hard by a decline of more than 91% and now with price action approaching rock-bottom levels, hopes are building for a meme coin recover after almost a month of sustained consolidation above the MA20.
The tightly fought consolidation pattern has seen SHIB price action ranging for 35 days, with SHIB currently trading at $0.00000782 (a 24 hour change of -1.26%).
Movements to the upside were ignited on June 10 after a bounce off lower trendline support pushed SHIB +43% in value - critically reclaiming the 20DMA on June 20.
Yet, newfound footing atop the 20DM has driven over a month of consolidation, as anxious holders wait to see whether price action has found the launchpad it needs to push upwards towards the 200DMA (around $0.000000995).
A well-defended consolidation has fuelled the hopes of many, although the impact of price stabilisation has yet to make an impact on SHIB's indicators which are characteristically sat on the fence.
Shiba Inu's RSI is currently signalling minor bearish divergence at 51.28 - suggesting a greater period of consolidation is in demand by technical structure.
And this is a view confirmed by the MACD which is showing a completely neutral signal at 0.00, suggesting that there is still everything to play for in this perilous position.
With little input from the indicators, technical analysis is emboldened, and a double rejection from the upper price level resistance at $0.0000085 could suggest an upside
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