The recent surge in memecoins has drawn significant attention from the crypto market, with notable tokens experiencing considerable gains in their portfolios. Among them, Shiba Inu (SHIB) has mirrored the trend of the category leader, demonstrating a positive price action in the past days.
Price Analysis
Shiba Inu’s price experienced a period of consolidation, trading within a narrow range between $0.00000879 and $0.00000923 for about a week. However, bulls initiated a rally, propelling the price up by over 6.5% in just two days. This led to another phase of consolidation, with SHIB oscillating between $0.00000923 and $0.00000971.
Following increased market volatility, bulls managed to break through resistance but faced rejection at $0.00001012, leading to a brief neutral trend. However, maintaining support above $0.00000971 proved challenging, resulting in a pullback. SHIB then traded within the range of $0.00000923 and $0.00000971, signaling weakness in its price action.
Despite the previous setbacks, bulls regained momentum, driving SHIB’s price up by over 20% in two days. Currently, the price is confined within the range of $0.00001074 and $0.00001142.
Related article: Shiba Inu Surges 7%: Breaking $0.00001 Price Mark
Technical Analysis
The Moving Average Convergence Divergence (MACD) indicator depicts a consistent decline in the histogram, indicating increasing selling pressure over buying. Additionally, the moving averages exhibit a bearish curve, suggesting a negative price outlook for Shiba Inu in the near future.
Outlook for March
Looking ahead to March, Shiba Inu’s price trajectory remains uncertain. While recent surges have been encouraging, the presence of selling pressure and bearish indicators signal potential challenges for SHIB in the coming weeks.
Despite the current volatility, several factors could influence SHIB’s performance in March. These include market sentiment, the broader cryptocurrency landscape, and any developments within the Shiba Inu ecosystem.
Related article: Shiba Inu Community Urges Grayscale for ETF Launch
Potential Catalysts
Positive catalysts such as new partnerships, project developments, or increased adoption could bolster SHIB’s price. Additionally, broader market trends and investor sentiment towards meme coins may also impact its trajectory.
However, SHIB faces several risks and challenges that could hinder its upward momentum. These include regulatory concerns, market corrections, or negative sentiment towards meme coins.
