Shiba Inu Price Consolidation Builds Pressure for Breakout

The cryptocurrency market is eagerly awaiting a breakthrough from Shiba Inu's current consolidation phase. Over the past few weeks, SHIB has been trading within a tight range between $0.0000057 and $0.0000060, with each attempt to break above resistance meeting rejection.

This repeated testing of the same resistance zone near $0.0000060 suggests growing tension in the market, as buyers struggle to take full control of momentum. The current structure still points toward a potential breakout setup forming beneath the surface.

On-chain data adds another layer to this setup, with CryptoQuant reporting a negative exchange netflow of 7.89 billion SHIB tokens. This indicates more tokens leaving exchanges than entering, often reflecting long-term holding rather than active selling.