Shiba Inu (SHIB) Price Is Stuck in a Range, but This Level Could Decide What Comes Next

Shiba Inu is still moving in a pretty tight range, but the chart keeps sending the same message: buyers aren’t giving up that lower area easily. 

On the 1-hour chart, the SHIB price has once again bounced from the demand zone around $0.0000074, which matches well with what TheCryptoBasic posted.

That matters because the broader trend has been leaning bearish for a while. Still, every time SHIB drops into that zone, buyers step in fast enough to stop the move from turning into a deeper breakdown. In other words, that level keeps acting like a floor the market isn’t ready to lose just yet.

Buyers Keep Defending the Same Floor

That lower zone, sitting roughly between $0.00000735–$0.00000745, has pretty much turned into the line in the sand for SHIB. The SHIB price slipped into that area, tagged a low near $0.00000736, and then quickly bounced back up.

If you look at the right side of the chart, you can see that bounce followed by a series of smaller candles. That usually tells you the market is taking a pause and catching its breath, rather than rushing straight into another sell-off.

That kind of reaction tells you the level matters. It doesn’t guarantee a reversal, but it does show that sellers aren’t getting a free ride once SHIB trades down there.

On the flip side, the upper shaded zone around $0.00000810–$0.00000820 keeps acting like a wall. The SHIB price has tried several times to push into that area, and every time it gets there, sellers take control. 

You can see repeated wicks and pullbacks around that zone, which is exactly what a strong supply area looks like. That’s why SHIB is still stuck ranging. Bulls are defending the floor, but they haven’t been able to punch through the ceiling yet.

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What’s next for Shiba Inu?

The current price of the SHIB token is centered in the middle of the current range, between $0.0000076–$0.0000077. This is more or less neutral territory, and it will be interesting to see which way the price will eventually break.

If the SHIB price can continue to hold up above $0.0000074, it could potentially make another run back up towards $0.0000080 and then again towards $0.0000082. Breaking and holding above this price level will be a major step towards shifting from a “range-bound” label to something more resembling a recovery.

But if this bounce runs out of steam and the SHIB price slips below $0.0000074, things could get shaky again, since that level has been the main safety net for days now.

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The post Shiba Inu (SHIB) Price Is Stuck in a Range, but This Level Could Decide What Comes Next appeared first on CaptainAltcoin.