The Shiba Inu (SHIB) price is off to a slow climb upwards in early trading on Sunday, strengthening by more than 3.5% over the past 24 hours and by almost 17% over the past week. At the time of writing, SHIB/USDT is trading at around $0.0000086.

A potential competitor for Dogecoin, this memecoin enjoys the support of an active fanbase online which keeps its price from collapsing even when the sentiment towards the wider crypto market suffers a setback. However, analysts remain unconvinced about its long term prospects in an age when most of the leading digital assets are finding numerous applications beyond being used for payment transfer, especially in the DeFi and dApps space.

The lack of backing from different projects and institutional investors makes SHIB more volatile than other currencies, however. As a result, market sentiment is a key driver dictating price action in the Shiba Inu coin. Although, lately, it seems to be relishing support from Tesla CEO Elon Musk’s attention.

In the absence of significant fundamental developments, Shiba Inu’s price moves could be dictated by technical trends. Lately, its price appears to be undergoing somewhat of a consolidation within the range of $0.0000080 to $0.0000085, and could potentially be gearing up for a breakout.

Key Levels to Watch

On the 4-hour chart of SHIB/USDT, most of the moving averages and the MACD indicator are signaling a bullish bias, giving some hope that the breakout could be towards the upside. However, the 200 EMA and the momentum indicator are suggesting signs of bearish moves as well.

The price sits comfortably above the pivot point at $0.0000073 and it looks like buyers are getting ready to test resistance at the key $0.0000090 level. Once this level is broken, we can see Shiba Inu’s price make a way to test $0.000010 where it could encounter some more resistance in the near-term.