• Shiba Inu momentum is still weak amid crypto recoveries

• The lack of fundamentals is what causes the weak momentum

• SHIB maintained an ascending triangle

Most cryptocurrencies soared after US inflation data showed cooling rates. Shiba Inu SHIB/USD resisted the sentiment and kept the same level. The token has been trading within narrow margins at $0.00001224. This level is in line with the upper bound for the consolidation zone.

ShibaInu’s recent indecision highlights its status as a meme token. The market momentum has not been a factor in the token’s success. It has instead relied on the influencer mentions and crypto’s own fundamentals. The cryptocurrency has seen very little development, which could explain why there is so little movement.

Nonetheless, it is important to note that Shiba Inu’s price has increased by more than 22% in a month. In anticipation of recovery, the price rise coincided with an increase in whale activity. Shiba Inu enthusiasts could be searching for the next trigger to increase the price of the token. We may have to accept a slow price recovery in the interim.

ShibaInu trades in an ascending triangular market with weak momentum.

Source – TradingView

According to technical outlook, SHIB has a bullish trend. The triangle formed by the resistance and uptrend is an ascending triangle. The MACD indicators and price action at resistance confirm that the momentum is waning.

SHIB is likely to experience two outcomes. The first outcome is the breakout of the ascending triangular, which confirms a bullish bias. SHIB must have some fundamentals in order for the price to rise. SHIB may slide back to the consolidation zone if a breakout does not occur.

Summary

SHIB is still in an uptrend but momentum remains weak. Keep an eye out for a breakout and an acceleration in bullish momentum.