SHIB Trades at $0.00001292 While Consolidating Between $0.0000128 Support and $0.00001304 Resistance

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shiba inu

  • Shiba Inu trades at $0.00001292 after a 0.9% 24-hour decline, staying between support at $0.0000128 and resistance at $0.00001304.
  • The price has consolidated in a narrow range, with repeated tests of support and resistance reinforcing short-term market focus.
  • A move above $0.00001304 could enable further upside, while losing $0.0000128 may extend consolidation.

Shiba Inu price activity has maintained its position within a tight range after recent market movement showed both selling pressure and support. On Friday, SHIB traded at $0.00001292, reflecting a 0.9% decline over the past 24 hours. The chart highlights that the token has been consolidating with limited volatility, keeping market attention on immediate technical levels.

SHIB is currently entering and exiting the support level of $0.0000128 and the resistance level of $0.00001304. This is a narrow band which has been maintained during various sessions and there seems to be equilibrium between the buyers and sellers. 

It is important to note that the floor above 0.0000128 is important in maintaining short term stability. A close below this point might prolong the downturn whereas any action above this point of $0.00001304 may offer more space on the upside.

Market Structure and Chart Outlook

The broader chart shows a gradual recovery after prior declines, with a projected upward trajectory suggesting potential higher moves. However, the current short-term setup indicates SHIB is still confined to a limited trading zone. 

Market participants are therefore observing whether the token can break out of this consolidation and aim for higher targets. Price action has repeatedly tested both support and resistance, reinforcing the significance of this narrow channel.

SHIB Holds Tight Range as Market Awaits Breakout Signal

The next decisive move will likely depend on whether SHIB can hold support and retest higher resistance. Sustaining above $0.0000128 could strengthen the chance of retesting $0.00001304 and potentially extending gains. 

https://twitter.com/TheMoonHailey/status/1969304305745137669

Conversely, losing this base would expose the price to further consolidation below current levels. With the chart showing a possible longer-term upward pattern, short-term levels remain crucial for guiding market direction in the coming sessions.

Shiba Inu remains trapped in a narrow range, with $0.0000128 support and $0.00001304 resistance defining direction. A breakout or breakdown here will shape near-term momentum and guide upcoming price action.

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