Shiba Inu Consolidates After Sharp Decline With Key Support at $0.000012
Shiba Inu (SHIB) is facing renewed selling pressure, trading near $0.00001239 after a 7% intraday decline. The meme-inspired token has entered a phase of sideways consolidation, with support around $0.00001200 keeping bears in check while multiple resistance levels continue to cap upside momentum.
The four-hour chart shows SHIB forming a descending channel in June, followed by a breakout rally that carried prices above $0.00001600 in late July. However, momentum stalled as sellers defended higher levels, leading to a gradual decline into the current consolidation zone.
“The $0.00001200 zone is critical for SHIB’s short-term trend,” BITX analysts explained. “A decisive breakdown could expose the $0.00001000 region, while holding this level may allow for another attempt at recovery.”
At present, SHIB is stuck between strong demand at $0.00001200 and overhead resistance bands at $0.00001350 and $0.00001600. The repeated rejection at these higher levels suggests that buyers lack the conviction needed for a sustained rally.
Adding to the cautious outlook, volume trends remain muted, signaling reduced participation compared to the high trading activity observed during July’s breakout. Without a significant surge in demand, SHIB may continue to drift sideways in a tight range.
“Shiba Inu’s consolidation reflects indecision among traders,” According to BITX market strategists. “The longer it holds above $0.00001200, the better the chances of accumulation before a potential breakout. But if this floor cracks, downside risks grow significantly.”
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.