- Shiba Inu price cannot shake the magnet effect of the May 19 low of $0.00000607 and the descending parallel channel midline.
- SHIB is up just over 6% over the last ten days, showing no commitment or emotion that has been widespread in the cryptocurrency complex.
- eToro announces the listing of Shiba Inu to their multi-asset investment platform, and the digital token climbs only 2%.
Shiba Inu price has not capitalized on the momentum in the cryptocurrency complex, the presence of credible support or the eToro announcement yesterday. It is a frustrating scenario for SHIB investors. It indicates a strong reluctance to traffic in the newer, higher-risk cryptocurrencies, despite evidence of a renewed risk-on spirit in the cryptocurrency complex over the ten days. As a result, the risk remains tilted to the downside indefinitely.
Shiba Inu price still has not found a catalyst, raising doubts for the meme token
On July 21, Shiba Inu price was presented with an opportunity as it released from a minor descending parallel channel, captured the May 19 low of $0.00000607 and the larger descending parallel channel’s midline. Moreover, it was accompanied by a strong bid in the cryptocurrency complex offering a tailwind for SHIB.
However, Shiba Inu price shook off the brief impulsiveness and has been drifting along the support designed by the May 19 low and the larger channel’s midline, leaving several doji candlestick patterns. The important support level has not inspired a bid, even on the eToro news, and the indecision represented by the doji candlestick patterns portends that the sideways price action is a pause in the SHIB decline that began earlier in July.
The obvious inflection point on the upside for Shiba Inu price is the 50-day simple moving average (SMA) at $0.00000730, which has been hovering above SHIB since it appeared in late June. A daily close above the moving average would clear the meme token for a sprint to the upper line of the larger descending parallel channel around $0.00000828, generating a 13.5% gain from the moving average.
A daily close above the larger channel’s upper line introduces a new scenario for Shiba Inu price where it is not restricted by a tactically important moving average or the boundaries of a pattern. Instead, it can push to the trigger the double bottom pattern created by the lows of June 22 and July 20 at $0.000000962 and explore the potential to advance to the May 24 high of $0.00001204 or the May 20 high of $0.00001214, representing a 66% profit from the 50-day SMA.
SHIB/USD daily chart
Alternatively, a daily close below the May 19 low of $0.00000607 and the larger descending parallel channel’s midline at $0.00000587 would immediately raise the probability that Shiba Inu price will test the channel’s lower line, now at $0.00000355, carrying a loss of 40%. The June 12 low of $0.00000550 may offer mild support, but it is not a level to buy against.
As long as Shiba Inu price changes hands below the 50-day SMA at $0.00000730, there is no rush to operate in SHIB as risk is definitely tilted to the downside.
After a sustained period of no price movement, SHIB needs to clarify its directional intentions with a definitive close above or below a vital price level outlined above. Until then, focus on the cryptocurrencies that demonstrate relative strength and are in a timely position for purchase.
Here, FXStreet's analysts evaluate where SHIB could be heading next as it remains consolidating.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks

XRP price sees bullish momentum accelerate near $3.00 as crypto markets cheer BTC's all-time high
XRP’s bullish momentum has no sign of fatigue with the price approaching $3.00 on Monday. The XRP derivatives market holds steady, with the Open Interest expanding to $8.3 billion.

Crypto Today: Bitcoin strikes fresh record highs, as Ethereum, XRP edge higher
Bitcoin price rallies to new record highs above $123,000 on Monday and is approaching the next key level at $125,000. Ethereum settles above $3,000, bolstered by steady interest from both institutional and retail investors.

SUI Price Forecast: SUI nears $4 breakout after double-digit surge
SUI edges higher, posting double-digit gains on Monday and inching closer to the $4 mark. The DeFi Total Value Locked of SUI hits a record high of $2.20 billion, indicating increased network activity.

Meme Coins Price Prediction: DOGE, SHIB, PEPE eye further gains as Bitcoin hits record high above $122K
Meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) post gains of over 4% at press time on Monday, tracking Bitcoin’s (BTC) upward move above $122,000.

Bitcoin: BTC hits new all-time high and enters price discovery mode
Bitcoin price prints a new all-time high near $118,900 on Friday, entering uncharted territory as bullish momentum accelerates. The surge in BTC was supported by rising corporate and institutional demand, with spot Bitcoin ETFs recording a total of $1.69 billion this week as of Thursday.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.