In the current cryptocurrency landscape, as the Bitcoin price shows signs of weakness, the markets are entering a consolidation phase. Concurrently, memecoins are experiencing notable declines, indicating prevalent bearish sentiments across the crypto sphere, including Shiba Inu (SHIB). Recent market movements have pushed the popular memecoin close to a critical support level around $0.00002.

Following a recent sell-off, the trading scenario has tilted in favor of the bears, with sell signals dominating the SHIB price trend. In early March, there was a significant surge in buying pressure, leading to a 300% increase in price. However, a substantial sell-off reversed those gains, causing a drop of over 40%. While there are expectations for a strong recovery, the possibility of a bearish continuation looms large.

The current analysis of Shiba Inu's trade setup indicates a potential test of the previous local lows below $0.000019. The Relative Strength Index (RSI) is trending towards oversold territory without any signs of bearish divergence. Additionally, the Ichimoku cloud has turned bearish following a crossover between the conversion line and the base line. Consequently, after a consolidation phase, the SHIB price is likely to breach the crucial support range between $0.00002107 and $0.00002157.

A breakdown below this range could see the price dipping to local support levels at $0.0000188, with limited expectations of an immediate rebound. Technical indicators suggest that trading volume may remain subdued within a specified range, dampening the token's volatility. This could lead to price accumulation within a range until a breakout occurs above the resistance level at $0.000025.