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The crypto markets appear to have a long-term impact on the events as the prices continue their usual trend of consolidation within a narrow range. Although the consolidation was followed by a brief upswing, the bulls appear to have been exhausted as the buying volume is below par. Amid the rising attention over memecoins, the most popular one, Shiba Inu (SHIB), has lost traction, and hence the price has failed to attract the required volume.
In the past couple of days, after the launch of the ETH ETF, the markets have turned slightly volatile. Hence, the SHIB price is also gaining some traction and as a result, it is trying hard to break above the sluggish trend to display a major one soon. However, considering the current trade setup, this move may not be as easy as the price is approaching a ‘bearish capitulated’ zone.
The SHIB price has been trading in an ascending manner for a while, as the lower trend line has been acting as a strong support. The recent volatility that kicked into the space, caused the price to print consecutive bullish candles that lifted the levels within the resistance of an ascending triangle. Although a breakout attempt has occurred at the moment a bullish close above the zone may validate the upswing.
Moreover, the price has reached the upper range of the Gaussian Channel and a close above these levels may trigger a fresh bullish case. On the other hand, the RSI is ascending, suggesting the price may remain elevated and reach the upper resistance zone between $0.00003 and $0.000032. To do so, the buying pressure is required to increase with a rise in the trader’s activity, which could attract more liquidity.
Therefore, it is very crucial to monitor the Shiba Inu (SHIB) price action until the day’s close, as a small mistake may cause a breakdown. A daily close within or below the resistance zone can validate a bearish momentum, which may potentially lead to further downward movement.
