Shiba Inu, a popular cryptocurrency, is currently in a consolidation phase, temporarily pausing its previous upward trend and aiming to reach its all-time high of $0.00008845.
The cryptocurrency market is currently experiencing increased uncertainty in the short term, which has directly resulted in Shiba Inu’s consolidation. Throughout this month, the price of Shiba Inu has been trading between a high of $0.00002632 and a low of $0.00002057.
Prominent crypto analyst Javon Marks recently revealed that Shiba Inu is now in an intermission phase, following a breakout two months ago. In February, SHIB experienced a significant rally of 379%, going from $0.00000965 to a yearly peak of $0.00004567 in March.
However, immediately after reaching its peak, the bears took control, leading to a retracement. Currently, Shiba Inu is down 49% from its peak, consolidating at the $0.00002 level. Marks has identified a massive bull flag formation on the 3-day chart, indicating that this consolidation phase is just a temporary pause before a continuation of the previous uptrend.
Marks also highlighted multiple bullish divergences during the consolidation phase, indicating growing strength. The monthly RSI has shown a gradual but steady uptick, currently sitting at 59.12. Despite the ongoing range-bound action, Marks believes that Shiba Inu is still trading within an existing uptrend, and this strength increases the likelihood of a resumption of the upward movement.
After a 122% increase this year, Marks expects Shiba Inu to experience even more substantial price growth in the second leg of its journey. He suggests a potential 4x increase, which could help Shiba Inu reclaim and surpass its all-time high of $0.00008845, currently 283% away.
However, the path to the all-time high won’t be easy. According to data from IntoTheBlock, the largest resistance lies between $0.000025 and $0.000030, where 137,500 addresses hold 96.1 trillion SHIB at an average price of $0.000027. Additionally, SHIB faces the crucial Fib. 0.5 resistance at the $0.00002762 price.
It’s important to note that this article provides informational content and should not be considered financial advice. The opinions expressed are those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.