The price of the Shiba Inu is consolidating as bulls struggle to maintain control.

On a weekly chart, the Shiba Inu price is showing more regard for the pennant pattern.
Bulls tried but failed to hold the SHIB price above the weekly pivot at $0.00005433.
The weekly RSI is indicating overbought as the consolidation continues.
As the price of the Shiba Inu is pressed on both sides, lower highs and higher lows are being seen. The pennant appeared to be poised for a bullish breakout, but the US inflation data shook global markets and put pressure on cryptocurrencies. Expect SHIB price to decline further and reach towards $0.00004500 as tailwinds diminish and the weekly Relative Strength Index (RSI) trades in overbought territory.

Bulls are losing control of the Shiba Inu price as momentum shifts against them.

Bulls attempted to push the Shiba Inu price back over the weekly pivot mark of $0.00005433, but were halted in their tracks as tailwinds began to dissipate following the US inflation reading on Wednesday. As price movement to the upside was restricted by the red descending trend line, SHIB price began to trade further to the downside. SHIB price is being squeezed by the green ascending trend line coming in from below, with…