Shiba Inu (SHIB) Trades Between $0.00001290 and 000001314 Range: Can Price Break Higher?

Key Insights:

• SHIB traded between $0.00001290 and $0.00001314 during the session.

• Resistance at $0.00001312 capped recovery attempts after rebounds.

• Buyers defended $0.00001290 support as short-term base against further losses.

Early decline toward $0.00001300 support zone

Shiba Inu started the session on a volatile note, with the volatility ranging between $0.00001380 and $0.00001300 in a few minutes, followed by the sudden drop of the token to $0.00001300, which is an indication of strong selling force in the early session.

SHIB hit a local low of about $0.00001290 in this downturn, with the area being a short-term support zone which drew new purchasers.

According to market watchers, the zone between $0.00001290 and $0.00001300 formed a sort of defence line, which intraday traders could rely on to counter the bears.

Source CoinMarketCap

Although the pressure was high, bulls rushed into the market, and the prices started stabilizing at the higher point at over $0.00001300.

The early base enabled SHIB to start its rebound period and higher lows have been maintained after the steep fall at the start of the session.

Consolidation between $0.00001290 and $0.00001320

SHIB went through sideways to the next stage and shifted to a tight area of between $0.00001290 to $0.00001320.

The consolidation period took several hours as buyers and sellers leveled without either pushing the price higher or lower. Trading volumes were low during the period and this pointed to low involvement of both sides of the market.

The efforts to push higher were observed but limited to at least $0.00001312 which became a visible resistance level throughout the day, with selling pressure resuming and preventing further upside movement by the token above the $0.00001310 level.

The up and down moves indicated that the sellers were still protecting the upside throughout the day.

On the negative side, the support of $0.00001290 stood well and it was not able to go deeper even at the moments of renewed pressure, which gave traders confidence that this zone $0.00001290-$0.00001320 was the main technical one of the day.

SHIB stabilizes above $0.00001302 as buyers defend higher lows

As the session progressed, SHIB tried the level of $0.00001312 severally without success, indicating the intense activity of the sellers at this level and hence restricting the upward movement.

There was observed that every time the session tried to break out, it indicated that the sellers were operating at full throttle at this level and thus limiting the movement upwards.

Nevertheless, pursuant to this, the bulls still defended higher lows, and the price stabilized above the level of $0.00001302 later in the day which indicated that buyers were still active as they avoided breaking down to the earlier levels.

Source TradingView

As long as momentum continues to sustain over $0.00001312, analysts have indicated that SHIB may seek to break out to $0.00001320 or higher, but until the price breaks up over $0.00001312, traders remain in the upper hand to hold back market gains.

Outlook if $0.00001300 fails to hold

The immediate future of SHIB will be pegged on the support of the token at this support zone of $0.00001290 as this was a support zone that the token hit earlier. The breakdown of this level could lead to the token being tested at a lower level of $0.00001280, analysts said.

Conversely, the constant strength that is greater than $0.00001310 may enhance optimistic trust. This action can motivate traders to drive the price to the level of $0.00001320 or even beyond resistance levels.This will only happen when buyers are able to create enough momentum in the various sessions that will follow.

In the meantime, SHIB operates in a narrow zone with sellers and buyers in active mode keeping an eye on the market in order to learn about the new direction movement.

The technical structure of the current market is defined by the balance of support at $0.00001290 and resistance at $0.00001312.