Recently, Shiba Inu's volatility has dropped to almost zero, and the asset has been trading in an exceptionally narrow range. The price floor of $0.000016 has served as bulls' first line of defense, and the token is remaining stable around it. A possible base forming before a big move could be indicated by low volatility on assets like SHIB, which could be interpreted as a lack of excitement.
SHIB has been steadily declining in recent weeks. Nonetheless, it appears that the selling pressure has mostly subsided based on the current price stability. This makes it possible for bulls to take back control, as SHIB has the breathing room it needs for a possible reversal due to a lack of strong bearish momentum. In particular, if market sentiment regarding meme tokens improves, the conditions for a breakout may be favorable if SHIB can maintain this support.
SHIB/USDT Chart by TradingView
However, it is important to remember that a quiet market does not necessarily indicate a robust recovery. The absence of aggressive selling is encouraging, but it does not always indicate that buyers are prepared to intervene and raise the price. Increased trading volume and rekindled buyer interest are necessary for SHIB to actually break out of this range.
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An encouraging indication that SHIB might start to rise again would be a push above the resistance level of $0.000017. At this time, Shiba Inu owners should keep an eye out for indications of heightened trading activity and price fluctuations in the vicinity of this level. Bulls may be able to push SHIB above the range of recent consolidation, which would lead to a longer rally. On the other hand, further weakness would be indicated by a breakdown below the current support.
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