Briefly-

• Shiba Inu’s weekly price chart remained poised for a pennant shape.
• The meme coin witnessed bulls attempting to maintain price movements beyond the weekly pivot level at $0.0000543 but failed.
• The weekly RSI points towards overbought as the consolidation continues.

SHIB price sees higher lows and lower highs as the meme coin have its price squeezed from all sides. The pennant formation seemed prepared for a bullish explosive move, but inflation pressures crypto while printing rattled worldwide markets. As tailwinds began to emerge and the seven-day Relative Strength Index stayed inside the overbought region, expect Shiba Inu to see a further correction and move to the price area of $0.00004500.

SHIB Bulls Lose Grip

Shiba Inu’s price has seen bulls attempting to push the meme coin-back beyond the seven-week pivot of $0.00005433. However, they encountered hurdles as their tailwinds began to fade following the US inflation updates on Wednesday. Shiba Inu entered a further downward price path after its upward price actions face a challenge as the red plunging trend-line. As the green climbing trend-line comes from below, Shiba Inu appears squeezed as the $0.0000500 acts as mid-price.

Meanwhile, market players can expect downward trends if the seven-day pivot fails to maintain the price high beyond $0.00004500. That way, SHIB will dip to test the green ascending trend-line near $0.00004500. With further support from the overall market sentiment, bears will force another lower to $0.00003535, a vital historic area with the first week’s high and October’s last week low.

If bulls step up to clear the Relative Strength Index in the oversold region, and market sentiment switches to be a tailwind and not a headwind, SHIB will witness a bullish pennant breakout. The first level of the coin is the $0.00007500, corresponding with last week’s peaks.

If buy-side volume gains steam and bulls secure further momentum after the breakout past the red falling trend-line, Shiba Inu will open a path to retest its ATH located at $0.00008860. Will the bulls win the race? Feel free to share your thoughts in the comment area located below.