For around a week and a half, the famous meme coin Shiba Inu has witnessed a tight consolidation around a vital support level near the 88.6% Fibonacci retracement at $0.00003200. Likewise, SHIBA is probably getting ready for a massive price surge that could be higher if the broader market catches a bid.
With Shiba Inu’s price going sluggish for a while, hodlers are becoming frustrated by the day. The Relative Strength Index on the daily chart hardly strayed from the final oversold level in a bull market (40).
Moreover, the Composite Index has been in a neutral position since Dec 5. Based on the patterns, SHIB’s market consolidation could be seen as the start of a significant price spike. One of the most in-demand …
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Source: Cryptocurrency - investing.com
