Shiba Inu (SHIB) Coin Price May Not Witness a Rally for The Next 23 Days
beincrypto.com 03 September 2024 12:28, UTC Shiba Inu (SHIB) coin price has recently faced significant challenges, struggling to escape the consolidation phase throughout August.
Despite multiple attempts to break free, SHIB has remained under pressure, failing to establish a clear upward trajectory. The cryptocurrency’s inability to escape this range has left investors wary as market conditions weigh heavily on SHIB’s price movement.
Shiba Inu Holders Are Running Out of Hope
The market sentiment surrounding Shiba Inu coin price has taken a noticeable downturn, with bullishness among SHIB holders steadily disappearing. This shift is evident in the weighted sentiment, which fell below the zero line into negative territory for the first time since late July.
The decline in sentiment reflects growing pessimism among investors as they grapple with the lack of upward momentum in SHIB’s price. Prevailing negative sentiment indicates that many investors are also losing confidence in a near-term recovery. This could further dampen any potential bullish breakout.
Read more: How To Buy Shiba Inu (SHIB) and Everything You Need To Know
Additionally, analyzing Shiba Inu’s macro momentum reveals a concerning pattern. The Moving Average Convergence Divergence (MACD) indicator has shown a tendency to follow the same trend for periods ranging from 18 to 27 days. In SHIB’s case, the MACD recently noted a bearish crossover, indicating that the current downtrend may persist for an average period of 23 days.
This pattern suggests that SHIB’s consolidation could continue until around September 26. During this time, the cryptocurrency is likely to remain under pressure, with limited opportunities for a price rally.
SHIB Price Prediction: Sideways Is the Right Way
Shiba Inu coin price had a brief opportunity to escape its consolidation range, which spans between $0.00001462 and $0.00001281. However, a 12% drop in late August thwarted this attempt, causing SHIB to remain trapped within this narrow range.
This sideways movement will likely persist for the next three weeks based on current indicators. After this period, there is a possibility that SHIB could breach the upper limit of $0.00001462, potentially signaling the beginning of a recovery. However, the likelihood of such a breakout remains uncertain, particularly given the prevailing market sentiment.
Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
If the broader market recovers within the next three weeks, and its influence on altcoins is substantial, SHIB could potentially break out of its consolidation phase sooner. A sustained rise in SHIB’s price would require a move beyond $0.00001699, invalidating the current bearish outlook.
