Shiba Inu’s upside remains muted. What could happen next?

• Shiba Inu Momentum Still Weak Amid Crypto Recovery

• Lack of fundamentals is the reason for weak momentum

• SHIB maintains an ascending triangle

Most cryptocurrencies surged as US inflation data showed price declines. However, Shiba Inu SHIB/USD defied sentiment and held the same level. The token is trading within a narrow margin at $0.00001224. The level matches the upper limit of the integrated zone.

The Shiba Inu’s recent indecision underscores its status as a meme token. Tokens rarely ride market momentum. Instead, it relies on influencer mentions and the fundamentals of the crypto itself. Little development has taken place in the cryptocurrency, which explains the negligible movement.

Nevertheless, it is important to note that Shiba Inu prices have increased by more than 22% in one month. Rising prices coincided with increased whale activity in anticipation of a recovery. Shiba Inu lovers may be looking for the next trigger to make their tokens even higher. But for the time being, we may have to put up with a sluggish price recovery.

The Shiba Inu trades in an upward pointing triangle during low momentum.

Source TradingView

From a technical perspective, SHIB is trending bullish. Uptrend and resistance form an upward triangle. However, momentum is waning as confirmed by the MACD indicator and price action at resistance.

There are two possible outcomes for SHIB. The first is an upward triangle breakout confirming the bullish bias. For the price to rise, we need the fundamentals that drive the SHIB. If the breakout fails, the SHIB may revert to the integration zone.

Overview

SHIB maintains its uptrend, but the momentum is weak. Watch out for potential breakouts and bullish momentum acceleration.