Shiba Inu price slipped further on Wednesday morning, as it shed 0.47% to trade at $0.00005461. SHIB has been on the decline in recent days, which has seen it lose 21% of its value in the past week. Notably, it is also the first time since its breakout in October that the token has registered four consecutive days on the downtrend.
A breakout is in the offing
Despite its recent troubles, Shiba Inu seems to be consolidating, rather than reversing downward. Therefore, we are likely to witness more sideways action in the near term. Following its meteoric rise in October, many investors are likely to hold on to it, hoping for another price rally. That means that it is only a matter of time before SHIB breaks out. However, the risk of a selloff still lingers, especially if it stays too long in the range.
Technical analysis for Shiba Inu price
Shiba Inu price has recently formed a symmetrical triangle, which could be a sign of an impending breakout.
The RSI is currently at 54, which shows that the bears and the bulls are almost at par. However, if the momentum swings up further, the bulls could push the price to the first resistance at $0.00005665. If they break past that level, they could retest the one week resistance level at $0.0060. For an upward breakout to be confirmed, they would need to break past $0.000065, at the upper apex of the triangle.
If the momentum weakens, the price could head down to find the first support at $0.00004929. A downward breakout will be confirmed if the price hits the $0.00004377 mark, near the triangle’s lower apex.