In times when the Bitcoin price is displaying less strength, the markets have begun to consolidate. Besides, the memecoins are also plunging with a decent margin, suggesting thick bearish clouds hover over the crypto space, including Shiba Inu (SHIB). The latest price action has dragged the popular memecoin close to the pivotal support zone, which could be the last point of defence above $0.00002.
After the latest sell-off, the trade set-up has slightly changed in favour of the bears as the sell-signals have been haunting the SHIB price rally. In the first few days of March, the platform witnessed a massive rise in buying pressure, which caused a 300% jump in the price. Unfortunately, a huge sell-off triggered that dragged the levels by more than 40%. While market participants expect a strong rebound, a bearish continuation may be imminent.
The current trade set of Shiba Inu indicates the price is all set to test the local lows below $0.000019, as it did a few weeks ago. The RSI is heading towards the lower threshold without any bearish divergence. Besides, the Ichimoku cloud just turned bearish as the conversion line and the base line underwent a bearish crossover. Therefore, after a brief consolidation, the SHIB price is expected to break down into the key support zone between $0.00002107 and $0.00002157.
As the price breaks down the range, it may drop to the local support levels at $0.0000188, but a rebound may not be expected in the near future. The technicals suggest the volume may remain consolidated within a range which could slash the volatility of the token. This could compel the price to remain accumulated within a range and once the price surges back within the pattern, a breakout beyond the resistance at $0.000025 may be imminent.
