Shiba Inu’s price continues to consolidate within a range between $0.00001000 and $0.00001300, suggesting accumulation amid holders. The 30-day Market Value to Realized Value (MVRV) reveals that Shiba Inu might be nearing the ‘’opportunity’’ zone amid present accumulation. This on-chain metric is used to calculate the average profit or loss of investors who bought an asset over a certain period. Also, Shiba Inu has gained new holders in the past month. According to WhaleStats, the total number of SHIB holders is presently 1,198,413. Shiba Inu touched lows of $0.0000105 on June 1 amid the last market declines. At the time of publication, Shiba Inu was posting a 7-day gain, up 3.20%, as seen on CoinMarketCap. SHIB presently trades at $0.00001088.
Key Levels
Resistance Levels: $0.00002300, $0.00001800, $0.00001300
Support Levels: $0.00001000, $0.00000700, $0.00000500
SHIB/USD Daily ChartThe pair is consolidating between the levels of $0.000010 and $0.000013 while lacking directional strength on the daily chart. The relative strength index has consolidated below the 40 lines. Meanwhile, Shiba Inu remains weak and the SHIB/USD pair is trading sideways, attempting to break out of its trading range.
SHIB’s critical resistance level at $0.000017 near the daily moving average (MA 50) continues to draw attention. On extended trading outside of its current linear range, a conclusive breakout could occur. A mid-term bottom at $0.0000087 was confirmed by the pattern in May. A breach below the level at $0.000010, however, will maintain bearish sentiment for a further slide.
SHIB/USD 4-Hour ChartSHIB/USD intraday bias remains sideways at this level. The drop from a short-term high of $0.000030 has stabilized. The near-term resistance level of $0.000013 is expected to limit its price for an overstretched linear consolidation. To keep advancing, SHIB has to break through $0.000013, but it also needs a big positive fundamental catalyst to stay optimistic.
On the downside, the earlier dip to the $0.0000087 low of May might indicate that the collapse is partially complete. The intraday bias might be shifted again to the positive if the SHIB price flips the short-term moving average (MA 500) at $0.000011. Overall, the pair is in danger of sliding on the 4-hour chart, having closed around a somewhat negative below a bearish MA 50.
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