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Shiba Inu Eyes All-Time High as Consolidation Indicates Uptrend

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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.

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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.

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