Shiba Inu Consolidation Phase Suggests Push Towards $0.00008845

Shiba Inu currently trades in an intermission phase (consolidation), looking to continue the previous uptrend in a push toward the all-time high of $0.00008845.

The cryptocurrency market is in a period of heightened uncertainty in the short term. SHIB’s consolidation has been a direct result of this uncertainty, with its price trading between a high of $0.00002632 and a low of $0.00002057 throughout this month. 

Shiba Inu is Now in Intermission 

Amid the current market condition, prominent crypto analyst Javon Marks recently disclosed that Shiba Inu now trades in an intermission phase following the previous breakout two months back. Recall that SHIB rallied 379% from $0.00000965 on Feb. 25 to a yearly peak of $0.00004567 on March 5.

$SHIB (Shiba Inu) in comparison to it’s similar, previous breakout and run to All Time Highs (ATH), looks to be only in an “intermission” phase here in prepartion for a continuation to and above the current ATH at $0.000088598 which is currently over 282% away from here!

In this… https://t.co/1w1C8dBNL8 pic.twitter.com/RfNV8nasxr

— JAVON⚡️MARKS (@JavonTM1) May 12, 2024

However, the bears took control of the scene immediately after the peak, leading to a retracement, with Shiba Inu now 49% down from $0.00004567. As Shiba Inu consolidates at the $0.00002 territory, Javon Marks shows that it is now forming a massive bull flag on the 3-day chart. 

According to the analyst, this period of lull merely marks an intermission phase for Shiba Inu, suggesting that a continuation of the late February uptrend is on the horizon, especially on the back of the forming bull flag. Marks also noted that Shiba Inu has witnessed multiple bullish divergences amid the consolidation.

Notably, this pattern typically indicates growing strength, buoyed by the gradual but steady uptick observed with the monthly RSI, which now sits at 59.12. Marks believes Shiba Inu is still trading within an existing uptrend despite the ongoing range-bound action, and this apparent strength would bolster chances of a resumption of the upswing.

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The Journey to the ATH

Following the previous upsurge, with SHIB up 122% this year, Javon Marks expects a more substantial price growth in the second leg, suggesting a potential 4x increase. He notes that this increase could help Shiba Inu reclaim and tower above the all-time high of $0.00008845, which is now 283% away.

The Crypto Basic confirmed in early March that Shiba Inu faces minimal resistance on the path to its all-time high. At the time, SHIB traded for $0.00003562. Now trading for $0.00002304, Shiba Inu would now face bigger roadblocks as it looks to clinch the ATH. 

Per data from IntoTheBlock (ITB), the largest resistance on the journey to the all-time high rests between $0.000025 and $0.000030, where 137,500 addresses procured 96.1 trillion SHIB at an average price of $0.000027. Notably, SHIB faces the pivotal Fib. 0.5 resistance at the $0.00002762 price.