Considering the recent price action and position of the Shiba Inu meme coin, it can be said that there are chances of drastic fluctuations in Shiba Inu’s price. However, the movements can be either way, provided that the token breaks through the crucial resistance levels. 

This time, the popular meme coin has attained a position that is notably close to a crucial threshold that carries the potential to determine the fate of the meme coin for an estimative future. It is not certain at the point of writing whether the price movement is going to be in favor of the investors or will lead to disruptive performance.

While writing this piece of news, Shiba Inu can be seen progressively moving to the upper border of the consolidation range that was formed back in June. This range marks one of the longest confederations for the meme coin that marked its entry toward the downtrend in November.

Also Read: A total of 613,214,213 $SHIB tokens burned in 126 transactions in the last 7 days

Keeping a note of the history of prolonged consolidations, they have been a sign of an upcoming trend reversal. Well, it should be noted that this particular breakout attempt of the coin will be the fourth test of the consolidation range resistance level. This level holds the coin from making an entry in an accelerated rally.

In addition to this, the fact that regardless of the limited price performance of the coin, Shiba Inu, was capable of bouncing back above the $0.00001 price range. This range is extremely important for the growth of the coin in the market. 

Irrespective of the current market scenario, Shiba Inu has managed to show a commendable performance since November.