Shiba Inu (SHIB) price has been moving sideways, fluctuating between $0.00001462 and $0.00001271 over the past few weeks. The Altcoin has been stuck in this range since early August, looking for a bullish signal to break out and rally upwards.
With the recent change in market sentiment and the increase in new investor interest, SHIB has the potential to exit this range and rise if certain conditions are met again.
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Shiba Inu in high demand
After a relatively pessimistic April, approximately 2,000 SHIB holders exited the network, reflecting investor uncertainty. It took nearly four months for Shiba Inu’s investor base to return to normal levels. The re-engagement of the SHIB network indicates growing investor confidence, indicating a shift in sentiment toward a more optimistic outlook.
If the market continues to show positive signs, SHIB may be able to take advantage of a renewed influx of interest, pushing its price higher in the coming weeks.
From a technical perspective, the Shiba Inu's macro momentum appears to be changing. The Average Directional Index (ADX), which measures trend strength, is about to fall below the critical value of 25.0. On the 3-day chart, the ADX has been showing a weakening downtrend, suggesting that the bearish momentum may be fading.
Once ADX breaks below the 25.0 threshold, Shiba Inu may see a rebound opportunity. The weakening of the bearish trend may provide the necessary conditions for SHIB to regain its upward momentum and possibly break out of the current trading range.
SHIB Price Prediction: A bumpy road ahead
Shiba Inu is currently trading at $0.00001335 and has been fluctuating between $0.00001462 and $0.00001271 since the beginning of August. Previous attempts to break out of this range failed due to a lack of bullish momentum and SHIB has been stuck in a consolidation phase. However, market conditions suggest that changes may be in the near term.
If Shiba Inu can take advantage of the improved market sentiment, a breakout above the $0.00001462 resistance could propel SHIB to $0.00001699. While a breakout above this level may take time, the improving macro momentum and restored investor confidence offer hope for a future rally.
On the other hand, failure to break above the current resistance level could lead to continued consolidation in the current price range. In this case, Shiba Inu would face an imminent threat of further selling pressure and investors might exit the market, which could invalidate the bullish outlook for the meme token.
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