Shiba Inu (SHIB) coin price has struggled throughout August, remaining in a consolidation phase without a clear upward trajectory. Despite multiple attempts, SHIB has failed to break free, leaving investors wary.
Market sentiment around SHIB has turned decidedly negative. The weighted sentiment fell below zero for the first time since July, reflecting growing pessimism and decreasing confidence among investors in a near-term recovery.
The Moving Average Convergence Divergence (MACD) indicator shows a concerning pattern for SHIB. A bearish crossover suggests the current downtrend may persist for an average of 23 more days, keeping SHIB under pressure until around September 26.
SHIB attempted to break its consolidation range between $0.00001462 and $0.00001281 but a 12% drop in late August thwarted this. The sideways movement is likely to continue for three more weeks, with a potential for a breakout afterward, although this remains uncertain given the current market sentiment.
Should the broader market recover substantially in the next three weeks, SHIB might break out of its consolidation phase sooner. However, a sustained rise would require overcoming the $0.00001699 mark to invalidate the bearish outlook.
