Shiba Inu (SHIBUSD) Enters a Consolidation Phase

Price Analysis: SHIBUSD Experiences a Bullish Impulse; However, the Uptrend Pauses as the Price Consolidates

From April to September 2024, SHIBUSD experienced a significant bearish trend, However, in recent price action the trend appears to have reversed in favor of a bullish outlook. This shift in trend was marked by a notable bullish break in structure, characterized by an impulsive breakout through the key resistance levels of $0.00001610 and slightly above $0.00002000. Following this impulsive move, the price experienced a minor decline and has since entered a consolidation phase between $0.00001610 and $0.00002000.

Shiba Inu Key Levels

Demand Levels: $0.00001610, $0.00001230
Supply Levels: $0.00002000, $0.00002610

The 4-hour timeframe provides a closer look at this consolidation, illustrating a range-bound price action within this zone. While the current leg of price movement appears to be bullish, the short-term trend remains undetermined due to its consolidation state.

Overall, the broader trend for SHIBUSD is bullish, but a definitive resumption of this trend would require a clear breakout above the $0.00002000 level, which would signal a continuation of the upward momentum toward higher price targets. This level acts as a key threshold that could affirm the ongoing bullish structure.

Market Expectation

SHIBUSD is poised for potential bullish continuation, but it is advised to monitor the consolidation phase and watch for a breach above the $0.00002000 level to confirm the resumption of the bullish strength.

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