famous meme coin shiba inu (SHIB) will soon be approaching a threshold that will determine its own destiny. Once this threshold is reached, SHIB will present us with two different scenarios: in the first scenario everything will go well and the price will skyrocket, and in the second scenario, it will return to a long consolidation phase.
While preparing the news, Shiba Inu price As a result, it was moving towards the upper limit of the consolidation range established in June. The resulting range represents one of the longest consolidations for SHIB, which entered a downtrend in November. Traditionally, prolonged consolidations are signs of an impending trend reversal.
Koinfinans.com As we reported, the attempt to “break out” in price marks the fourth test of the consolidation range resistance level, which keeps SHIB away from entering an accelerated rally. Despite the limited price performance, the Shiba Inu managed to break above the $0.00001 price range, which is crucial for the development of the coin in the market.
From a technical standpoint, the Shiba Inu is performing the best since November, with a massive increase in investment after retailers discovered the meme coin. SHIB thus broke an important resistance level and entered the classical consolidation range that could help it enter a reversal rally. The trading volume, on the other hand, continues to remain in a steady recovery.
Most importantly, keeping the community hopeful, is that the developers of the project are trying to make SHIB more than an extremely speculative and volatile asset that does nothing but attract retail investors willing to risk exposure.
Additionally, with such a large circulating supply remaining in the hands of retail investors, it could see a steady increase in the volume of burnt Shiba Inu tokens serving as major fuel for the token.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.