The post This Indicator Predicts the Next Potential Rise in Shiba Inu Price appeared on BitcoinEthereumNews.com.

Shiba Inu (SHIB) coin price has recently faced significant challenges, struggling to escape the consolidation phase throughout August.  Despite multiple attempts to break free, SHIB has remained under pressure, failing to establish a clear upward trajectory. The cryptocurrency’s inability to escape this range has left investors wary as market conditions weigh heavily on SHIB’s price movement. Shiba Inu Holders Are Running Out of Hope The market sentiment surrounding Shiba Inu coin price has taken a noticeable downturn, with bullishness among SHIB holders steadily disappearing. This shift is evident in the weighted sentiment, which fell below the zero line into negative territory for the first time since late July. The decline in sentiment reflects growing pessimism among investors as they grapple with the lack of upward momentum in SHIB’s price. Prevailing negative sentiment indicates that many investors are also losing confidence in a near-term recovery. This could further dampen any potential bullish breakout.  Read more: How To Buy Shiba Inu (SHIB) and Everything You Need To Know Shiba Inu Weighted Sentiment. Source: Santiment Additionally, analyzing Shiba Inu’s macro momentum reveals a concerning pattern. The Moving Average Convergence Divergence (MACD) indicator has shown a tendency to follow the same trend for periods ranging from 18 to 27 days. In SHIB’s case, the MACD recently noted a bearish crossover, indicating that the current downtrend may persist for an average period of 23 days.  This pattern suggests that SHIB’s consolidation could continue until around September 26. During this time, the cryptocurrency is likely to remain under pressure, with limited opportunities for a price rally.  Shiba Inu MACD. Source: TradingView SHIB Price Prediction: Sideways Is the Right Way Shiba Inu coin price had a brief opportunity to escape its consolidation range, which spans between $0.00001462 and $0.00001281. However, a 12% drop in late August thwarted this attempt, causing…

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Filed under: News - @ September 3, 2024 1:23 pm