Shiba Inu bulls have been making moves in the market, flipping the mid-range level to support and showing strong performance since then. However, the meme coin may not be quite ready for a rally beyond the local lower highs.
Recently, an old whale wallet sold all its holdings of Shiba Inu at a significant profit, causing some ripples in the market. While the meme coin sector as a whole was performing well, Shiba Inu was struggling to keep up with the fastest gainers due to being in a consolidation phase that dates back to mid-April.
The price of Shiba Inu has been testing the mid-range level at $0.0000244 as both support and resistance over the past two months. At the time of writing, the price was attempting to break past the range highs, with the OBV also showing signs of potential upward movement.
Despite the bullish momentum and buying pressure in the technical analysis, the liquidation heatmap indicated a lack of significant liquidity clusters above the $0.00003 resistance zone. This suggests that a breakout may be unlikely in the near future, and traders should be prepared for a potential price dip.
While a rally beyond the current resistance levels may not be on the horizon for Shiba Inu, more time spent within the range and an extended consolidation phase could lead to the formation of liquidity pockets at higher levels, potentially becoming a bullish target in the future.
Overall, the market sentiment for Shiba Inu remains uncertain, and traders should proceed with caution. It will be interesting to see if the bulls can successfully break past the current resistance levels and continue their upward trajectory in the coming weeks.
