- Shiba Inu price continues to move sideways despite recent eToro listing.
- The consolidation parries as ShibaSwap DEX sheds 75% of its total value locked in less than 20 days.
- A breakdown of the range low at $0.00000518 might invalidate the bullish thesis and trigger a 20% descent.
Shiba Inu price seems to be suspended in time as it consolidates between two crucial demand barriers. Typically, previous bounces around these levels have resulted in a bullish reaction, but a breakdown could lead to a steep descent.
A hype-less meme coin
Shiba Inu, like Dogecoin or Baby Doge, is a dog-themed cryptocurrency that is driven mainly by the retail hype. However, recent events lead one to believe that the frenzy or FOMO around SHIB has vanished.
The listing on eToro, an Israeli exchange, failed to prop up the Shiba Inu price, indicating that investors are disinclined to invest in the dog-themed cryptocurrency despite the recent bullish move.
Both these events paint a bearish picture, at least in terms of the retail interest. The social volume metric shows a steady decline over the past three months from 1,044 to 321, representing a 70% plummet.
SHIB social volume chart
Shiba Inu price awaits a trigger
Shiba Inu price has been trudging around the $0.00000625 and $0.00000654 support levels for nearly 20 days, showing a balanced pressure from buyers and sellers. The bounces from these barriers have often led to massive spikes in buying activity that pushed SHIB to retest either the trading range’s midpoint at $0.00000870 or the high probability resistance levels ranging from $0.00000954 to $0.0000107.
Although undecided at the moment, investors can expect an eventual upswing that slices through the $0.00000727 and $0.00000811 resistance levels to tag $0.00000870.
If the bullish momentum persists, Shiba Inu price might tag $0.00000954, roughly 50% upswing from the current position – $0.00000637.
SHIB/USDT 9-hour chart
While the optimistic scenario seems logical, a breakdown of the range low at $0.00000518 will invalidate the bullish thesis explained above. Such a move might further trigger a 20% sell-off to the $0.00000420 support level.
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