Shiba Inu's most recent performance on the market raised some concerns among holders of the prominent meme token as the possibility of a large-scale reversal has been rising almost every day. However, the most recent moves on the market suggest that the battle is not over.

It has been clear that the most recent breakout attempt of Shiba Inu turned out unsuccessful, as the token did not find enough buying support from investors and retraced without a chance of gaining a foothold above the resistance level.

Luckily, the token did not lose all support. It entered consolidation around the trend line resistance and moved in a sideways trend for a respectable period, which could have become an important factor that would allow the asset to cool off and make another attempt to reach levels above the aforementioned resistance level.

(By Arman Shirinyan)