The price of Shiba Inu is testing the limits of an extended accumulation range. The level of $0.00001050 has served as solid support within the accumulation range. This follows a prolonged period of sell-offs earlier this year, where strong selling caused SHIB to drop before stabilizing.
Since then, buyers have consistently absorbed the selling pressure during the consolidation phase. This has resulted in higher lows, implying an increase in demand. A breakout trigger is positioned at $0.00001600, a level that could confirm the transition to a new margin phase. The 50-day moving average is approaching the 200-day, forming a potential golden cross that could act as a catalyst for the rally of major meme cryptocurrencies.
The accumulation phase has always been a typical precursor to robust expansion. Therefore, the price of Shiba Inu appears to be well-positioned for such a launch. A breakout above $0.00001600 would confirm the completion of the accumulation. Finally, the levels of $0.00002450 and $0.00003500 would be the possible control points in the margin phase.
It is important to note that previous resistance could become a solid support base, providing buyers with the confidence to expand control. The recent trend has been marked by months of movement within the range. However, the imminent golden cross increases the likelihood of an upward movement. Therefore, the long-term forecast for the price of Shiba Inu remains bullish as accumulation turns into a margin cycle.