Shiba Inu's price continues to follow the path of the aggregate cryptocurrency market. However, significant selling pressure over the past four days has weakened bulls' resolve and put significant pressure on any longs who entered the market about $0.00008.
Shiba Inu price action has been a source of frustration for both investors and price speculators alike. There exists a significant and persistent trading volume range that neither bulls nor bears have been able to break. There was some early evidence that a breakout may occur and break months of stagnation over the past weekend, but that did not occur.
Instead, Shiba Inu's price fell by a staggering -28% to return to the present price of the $0.000007 trading range. The critical level that will dictate a breakdown towards the $0.000006 level is the Chikou Span moving below the candlesticks pattern and the bottom of the Cloud (Senkou Span A). If that occurs, then the current sentiment on the Ichimoku chart will be overwhelmingly bearish.
However, given the constricted trading volume range, Shibu Inu bulls have an equal chance to pull the rug out from under the bears. For example, if bulls were to push Shibu Inu's price to a close at the $0.000008 level, the Chikou Span would be above the candlesticks and the Cloud. This would likely create a condition that begins the process of breaking out higher from the consolidation zone.
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