Shiba Inu currently trades in a consolidation phase, preparing for a potential push towards the all-time high of $0.00008845. Amid the current uncertainty in the cryptocurrency market, SHIB’s price has fluctuated between a high of $0.00002632 and a low of $0.00002057 this month.
Intermission Phase Observed
Prominent crypto analyst Javon Marks revealed that Shiba Inu is in an intermission phase after a significant breakout two months ago. In late February, SHIB surged 379% from $0.00000965 on February 25 to a peak of $0.00004567 on March 5. However, bears took over, causing a 49% retracement, with SHIB now consolidating around $0.00002. Marks notes that SHIB is forming a massive bull flag on the 3-day chart, indicating this stagnation is a pause before resuming the uptrend.
Marks highlighted multiple bullish divergences during this consolidation phase, typically indicating growing strength. The monthly RSI, which now sits at 59.12, shows a gradual but steady uptick. He believes that SHIB is still trading within an uptrend despite the current range-bound action. This apparent strength could enhance the chances of an upswing continuation.
Path To All-Time High
After the initial surge, SHIB has increased by 122% this year. Javon Marks predicts even more significant price growth in the next phase, potentially resulting in a 4x increase. This rise could propel Shiba Inu above its all-time high of $0.00008845, which is now 283% away.
Related article: Shiba Inu’s Partner K9 Joins Shibarium as Validator, Launches 420M KNINE Giveaway
In early March, The Crypto Basic confirmed that Shiba Inu faced minimal resistance on its path to the all-time high, trading then at $0.00003562. Currently, SHIB trades at $0.00002304, encountering larger obstacles as it aims for the ATH.
Related article: Shiba Inu (SHIB) Surges 7% in an Hour: Unveiling the Catalysts
Data from IntoTheBlock (ITB) shows the most substantial resistance lies between $0.000025 and $0.000030, where 137,500 addresses purchased 96.1 trillion SHIB at an average price of $0.000027. Additionally, SHIB faces the crucial Fibonacci 0.5 resistance at $0.00002762.
Shiba Inu’s consolidation phase suggests a potential push towards its all-time high, with bullish patterns and indicators pointing to a continuation of its previous uptrend. Despite current market uncertainties, the outlook for SHIB remains optimistic, provided it can overcome the identified resistance levels.
