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Dog-themed cryptocurrency Shiba Inu's (SHIB) price has been relatively stagnant in recent weeks, with attempts to push higher met with resistance.
The broader cryptocurrency market has faced uncertainty, partly contributing to SHIB's challenge of gaining upward momentum. Market sentiment has been somewhat mixed, with many investors remaining cautious.
That said, Shiba Inu's consolidation range has tightened since Aug. 5, with Shiba Inu unable to reach $0.000015. This consolidation has led to the market closely watching key resistance and support levels, with a significant support level where about 134 trillion SHIB are coming into view, as Shiba Inu struggles to break out from its recent price stagnation.
Tomiwabold OlajideAccording to IntoTheBlock data, 134.46 trillion SHIB were bought in the range of $0.000008 to $0.000013 by 360,260 addresses, constituting Shiba Inu's most significant support.
What's next for SHIB's price?
At the time of writing, SHIB was up 0.06% in the last 24 hours to $0.0000137, mirroring the market's lackluster trading action.
Eyes are on SHIB to see if it could shake off its recent lethargy and make a decisive move upward. For Shiba Inu to achieve a successful breakout, it will need to overcome resistance levels - mainly its daily moving averages of 50 and 200, at $0.0000161 and $0.0000205, respectively.
In the case of further declines, Shiba Inu's next major support lies within the $0.000008 to $0.000013 range, as highlighted before.
If this support level holds, it might provide the foundation needed for Shiba Inu to mount a significant breakout. On the other hand, a breach below this level might signal potential declines or perhaps, most likely, further consolidation for Shiba Inu's price.
That said, the coming days or weeks might be critical in determining whether SHIB can regain its upward momentum or if it will face further consolidation.
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