New Delhi: Self-claimed DOGE killer Shiba Inu has still stuck in the consolidation as it has given lower highs and higher lows in the last week. The pennant was looking ready for an upward breakout but the US inflation print shook the global markets and even pressured cryptocurrencies.
SHIB rallied almost 219% from October 23 to October 28 to touch the new all-time high at $0.0000885. Analysts call this climb a ‘Flagpole’. Eventually, Self-claimed DOGEKILLER’s price consolidated after an explosive rally which resulted in lower highs and higher lows which makes a flag.
SHIB bulls tried to push the price-action back above the weekly mid-price level at $0.00005433. Unfortunately, it got stopped in the path as its allure started to fade after the US inflation print.
As per the experts, SHIB’s price went downside as the price inching upwards got trapped by the red descending trend line. Shiba Inu is getting caught up with the $0.00005000 as mid-price with the green ascending trend line coming in from below.
It is expected that SHIB’s price can further go down if the weekly pivot cannot keep up with the price above $0.00005433. In this case, the green ascending trend line will be tested around $0.00004500 and a break below will eventually help the bears to take SHIB towards the $0.00003535 price level.
To invalidate this price action the Bulls need to shrug off the weekly RSI in oversold territory, so, that market sentiments can be shifted back to positive. Bulls needs to invalidate the bullish breakout of the pennant within first instance a test on $0.00007500. From here bulls need to find the momentum to break above the red descending trend line.
