Shiba Inu is showing signs of building momentum after weeks of consolidation. The token has repeatedly tested the $0.0000060 resistance level without sustaining a breakout. This sideways movement could precede a significant upward move.
At the time of writing, Shiba Inu is trading at around $0.000000586, down by 3.24% in the past 24 hours.
SHIB Price Consolidates Between Key Support and Resistance
Since March 11, Shiba Inu has traded within a tight range, fluctuating between $0.0000057 and $0.0000060. Data indicates that the token reached an intraweek high of $0.00000618 earlier this week, but failed to maintain upward momentum.
The price action is tied to broader market trends, including developments in the US-Iran peace talks. SHIB’s repeated peaks around $0.0000060 suggest the token is tightening within its range, which typically strengthens momentum for a breakout, experts say.
Market charts show that each rally has created a lower high, preventing a sustained uptrend. A break above February 14’s peak at $0.00000725 could trigger a bullish reversal. Technically, the 100-day SMA at $0.00000669 as the next immediate resistance if SHIB breaks out. Further gains could target $0.0000090 and the yearly high of $0.0000109, representing potential rises of 53% and 85.6%, respectively.
Accumulation Supports Bullish Outlook
Shiba Inu’s upward potential is reinforced by declining selling pressure. CryptoQuant reports a negative exchange netflow of 7.89 billion SHIB, showing that holders are withdrawing tokens from trading platforms.
This accumulation, rather than distribution, provides foundational support for a future breakout. The consolidation phase, combined with reduced sell-offs, indicates that SHIB could gain strength for a decisive upward movement if broader market conditions improve.
Investors are watching the token closely, as accumulation patterns often precede significant price shifts. Technical indicators suggest that longer consolidation could result in stronger momentum once SHIB clears its upper resistance.
Source: https://coinpaper.com/16119/shiba-inu-price-prepares-for-breakout-after-consolidation-phase
