• Shiba Inu price has failed to capture investors' interest as its volume has been in decline.
  • SHIB appears to be consolidating in a horizontal channel on the 4-hour chart.
  • The meme-token is currently at a critically important point, which could determine its upcoming price action. 

Shiba Inu price has been consolidating since May 19, as interest in SHIB has gradually been declining. The meme-token has been following the broader crypto market trend, failing to galvanize investors' enthusiasm.

Shiba Inu price at a critical turning point

Shiba Inu price appears to be consolidating in a parallel channel, currently struggling to reach the middle range of the pattern on the 4-hour chart. 

The horizontal channel connects pivot highs and lows, creating trendlines that show the buying and selling pressure is somewhat equal. The prevailing direction of Shiba Inu price is sideways. 

While Shiba Inu price continues to trade sideways, it has found meaningful support at the 50 four-hour moving average. However, it is essential to note that the following area of resistance emerges in a tight range above the middle band of the channel at the 100 four-hour moving average at $0.00000985.

Shiba Inu price is likely to test the first level of resistance, but it must hold above the 100 four-hour moving average at $0.00000917 before rising to the upper trendline of the parallel channel. 

SHIB/USDt 4-hour chart

SHIB/USDt 4-hour chart

The low volumes seen in Shiba Inu could indicate that the hype may have subsided for the canine-themed cryptocurrency. SHIB volume has gradually decreased since May 25, coinciding with the price action. 

Given the low interest in Shiba Inu reflected by its volume, SHIB price may continue to be locked in a sideways trend. On the daily chart, the meme coin has been trading on a second consecutive inside day and formed a doji candlestick, signaling a general equilibrium between buyers and sellers, as well as indicating a heightened level of indecision.

A spike in buying pressure could put the channel's upper trendline on the radar, with Shiba Inu price rallying 36% to reach $0.00001203. 

Should the broader crypto market recover, bigger aspirations should not be voided for Shiba Inu price, targeting the 27.2% Fibonacci extension level at $0.00001813 in the long run. 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP