The global cryptocurrency market has been in a state of consolidation for some time, with Bitcoin unable to break above $20,000 for the past month. Many altcoins, including Shiba INU, have held steady above their support levels and are anticipating a potential upturn.
However, the current market conditions for Shiba INU are bearish, with the price experiencing significant declines since the beginning of December.
Despite attempting to recover above $0.00001, the bears have managed to hold the resistance at $0.00000935 and keep the price below. While this bearish trend has persisted for several months, extended periods of price compression can often lead to a significant price jump, which could potentially occur in the first quarter of 2023.
The current price of Shiba INU (SHIB) is trading within a falling wedge, which is generally seen as a bullish indicator. Analysts predict that the price could rebound after reaching the lower support level around the yearly lows of $0.00000750, potentially triggering a significant upturn. If this occurs, the SHIB price may break out of the wedge and reach an initial target of $0.00001028 due to strong bullish momentum.
If the bulls are able to hold the price above this crucial resistance level, it is possible that SHIB could see a bullish close for the year 2022.