Shiba Inu (SHIB) price is consolidating within a range that could result in a possible breakout either way. It has significant fundamental issues, which are the main reasons for the long-term downtrend. Shiba Inu started different use cases to extend their activities, but none of them worked properly.
Now the pressure is mounting even on Shibarium, which is a layer two platform. The developers suggested the work is going on for the public and alpha testnets. The volume spiked hugely this month because of the whale’s activities.
They transacted 200 billion and 100 billion SHIB tokens across their wallets, whereas the price remained within a range. If you are interested in investing in SHIB, you must read our Shiba Inu price prediction for a better decision.
Over the last five months, the price of SHIB has been consolidating within a range of $0.00001 and $0.000013. The last few daily candles are forming on the upper half of the Bollinger Bands. Moreover, the RSI is around 50, but the recent red inverted hammer candle suggests a downtrend to the level of the baseline.
After a long downtrend, SHIB has been consolidating within a range on the long-term view. Although $0.00001 is a support, we do not think meme coins like Shiba Inu are suitable for long-term investment because the market value depends on social media news and community sentiment. If you are active on social media and follow all the crypto news, you can invest for the long term and book profit at a favorable time.