Shiba Inu Price Consolidates Near $0.00001147 Amid Market Slowdown

Shiba Inu (SHIB), a well-known meme-inspired cryptocurrency, continues to attract attention despite the market slowdown. The price of SHIB has experienced significant fluctuations over the past few months, with traders closely monitoring its movements for potential trends. The daily chart indicates a period of consolidation, weakening momentum, and potential breakout opportunities. This analysis will examine SHIB’s current price action, key support and resistance levels, and the possibility of a 20% rally or a further decline in the coming weeks.

The daily Shiba Inu (SHIB) chart shows the token trading around $0.00001147 to $0.00001167. Following a mid-May peak above $0.00001800, the price of SHIB has steadily declined, forming a clear downtrend that has recently flattened into sideways price action. The Heikin Ashi candles are mixed, indicating indecision and low momentum. SHIB price is consolidating near a horizontal support line around $0.00001140, which has been tested multiple times without a clean breakdown, suggesting it is acting as a base for now. However, the lack of strong green momentum signals that buyers are not stepping in aggressively yet.

The Relative Strength Index (RSI) at the bottom of the chart is around 43.93, with the signal line just below at 40.81. This shows that SHIB price is still in bearish-to-neutral territory but is trying to recover from oversold conditions seen in late June when RSI dipped below 30. A rising RSI crossing above 50 would indicate renewed bullish momentum. Until then, SHIB price needs to show stronger daily closes above resistance levels to confirm a trend reversal.

On the downside, multiple support zones are visible. The immediate support is $0.00001140, followed by $0.00001080 and $0.00001000. If the current sideways move breaks lower, SHIB price could retest $0.00001000, which would be a -12.85% drop from today’s level ($0.00001147 to $0.00001000).

For a breakout, SHIB price must flip the recent local resistance around $0.00001200. If buyers can push SHIB above $0.00001250, the next short-term target could be $0.00001400. This represents about a 22% upside from the current level. However, to achieve this, SHIB price needs strong daily candles closing above resistance, and RSI must clear the 50 mark with volume support. Without this, SHIB price risks remaining stuck in its tight range.

Considering the current sideways movement and the RSI’s struggle below 50, SHIB price is likely to stay range-bound in the short term. The probable range is $0.00001100 to $0.00001250 for the coming week. If the broader market sees relief rallies, SHIB price could catch momentum and test $0.00001400 by late July. However, if SHIB price breaks below $0.00001100 with strong volume, expect a retest of the psychological $0.00001000 mark. Right now, SHIB is in a decision zone. Traders should watch for a daily close above $0.00001250 for signs of bullish continuation or below $0.00001100 for a deeper dip. As always, risk management is vital in this low-price, high-volatility token.