Price forecast for Shiba Inu while maintaining the 4-year consolidation range
In the last four years, the price of SHIB has remained within a narrow consolidation range between $0.000005 and $0.000096. The meme coin entered this range in mid-2021 following a parabolic bullish run driven by the burning of 400 trillion SHIB by Vitalik Buterin.
However, during the last year, the price of Shiba Inu has shown signs of a bullish breakout. In 2024, it broke the resistance of $0.000014 and is now trying to turn it into support.
Bullish case: To successfully reverse the market structure, the price must exceed the upper moving average of $0.0000182. If the price surpasses this moving average and aims for the next resistance at $0.000037, Shiba Inu will be on track to break the four-year consolidation range and possibly reach a new all-time high of $0.00025.
Bearish case: Conversely, market attention is currently focused on Bitcoin's all-time high, and as BTC's dominance increases, it could affect the price movements of Shiba Inu. This could prolong the SHIB consolidation pattern, potentially causing a drop to $0.0000055.
