Shiba Inu (SHIB) has been stuck in a sideways trading range for the past six months, showing almost no clear trend on larger time frames. In recent weeks, SHIB's volatility has become even more muted, causing the overall picture to lack a breakthrough momentum.
In the short-term frames, selling pressure is dominating at the time of writing, and this meme coin is likely to face further declines, although there is still some buying interest from investors.
According to data from CoinMarketCap, the total market capitalization of the memecoin group has 'evaporated' by 18.8% in just the past month. Even Dogecoin (DOGE) – the pioneer of the memecoin system – has been in a stalemate since March. The attempt to accelerate in mid-July quickly failed, leaving the market waiting for a new push.
Shiba Inu has fallen below the midpoint of the range – What will happen next?
On the weekly frame, notable fluctuation levels are at $0.00001765 and $0.00001028.
The CMF indicator is trending upwards but has not yet surpassed the +0.05 threshold – a signal indicating that buying pressure has emerged but is not strong enough to dominate clearly.
Notably, the midpoint at $0.00001328 has just acted as resistance in the past 24 hours. This increases the likelihood that prices will continue to adjust and return to the bottom range.
Short-term signals reveal buying opportunities
The daily chart reveals mixed signals but leans towards optimism. Although the Awesome Oscillator indicator remains below the 0 threshold, indicating that the downward momentum has not completely ended, the CMF has broken above the +0.05 mark, reflecting an improving cash flow. In the short term, important support – resistance zones are identified at $0.00001184 and $0.00001415.
With a positive scenario, the level of $0.00001184 may continue to serve as a support point when prices return for a test, thereby opening up buying opportunities. Conversely, if prices fall below $0.0000116, this will be a clear signal indicating that the bulls are weakening, and at this point, buying positions should be considered for closure to limit risks.
Additionally, a retest of the bottom range around $0.0000105 could also become a potential entry point for traders waiting for a more attractive price.
