Shiba Inu Consolidates Amidst Bearish Pressure

Shiba Inu, the popular cryptocurrency, is expected to consolidate within a narrow range this week due to increased liquidation levels and bearish pressure, according to market analysts. The lack of buying pressure and the significant buildup of liquidation levels suggest that SHIB may remain within a tight trading range in the near term.

Experts advise investors to monitor key price thresholds as the cryptocurrency navigates through this consolidation phase. The recent lower high at $0.0000196 is a crucial level to watch, as a breach of this level could signal a potential upward shift in the prevailing trend. In the meantime, SHIB has been consolidating within a significant support zone at $0.0000147, with another critical support level at $0.0000128, which has historically proven to be pivotal since September 2024.

The daily Relative Strength Index (RSI) for Shiba Inu remains firmly in the bearish territory with a reading of 40, indicating a lack of bullish momentum. Although the On-Balance Volume (OBV) has shown some upward movement post-early February losses, this has not translated into significant price movements for SHIB. Further analysis on the 4-hour chart reveals the presence of a range formation, with local highs at $0.000017 proving to be formidable resistance.

The liquidation heatmap for the past month provides valuable insights into the ongoing consolidation. Two key liquidity clusters have been identified around $0.0000145 and $0.0000176, suggesting potential price points that the market might gravitate towards. This buildup of liquidation levels implies a likelihood of price movement towards these extreme boundaries in the near term. Traders may find actionable opportunities in the Shiba Inu market, with a retest of approximately $0.0000145 presenting a buying opportunity and the $0.0000176 level serving as a target for profit-taking.

As the Shiba Inu market consolidates, staying informed about the latest price behaviors and liquidation heatmap data can help traders make more strategic trading decisions in the days ahead. By closely monitoring key price thresholds and understanding the impact of liquidation levels, investors can better navigate the current bearish phase and capitalize