The price of Shiba Inu (SHIB) has been consolidating within a remarkably tight trading range, with market participants closely watching two key technical levels that have defined recent price action. According to detailed analysis, SHIB has been trading between a support level of $0.057402 and a resistance level of $0.057636, creating a narrow 24-hour band that has significantly reduced intraday volatility.
Despite this limited dollar-based movement, SHIB has shown relative strength against major cryptocurrencies. The token recorded gains of 1.7% against Bitcoin (BTC) and 1.0% against Ethereum (ETH) during the same period, indicating stronger performance in cross-market comparisons. At the time of reporting, SHIB was trading at $0.057434, representing a modest 0.6% increase over the previous 24 hours.
The market structure has remained orderly, with trading activity concentrated between these clearly identified technical boundaries. Buyers have successfully defended the $0.057402 support level, preventing any significant intraday declines below this critical threshold. Meanwhile, the resistance at $0.057636 has consistently capped upward movements, establishing itself as the session's high point and the upper limit of the current range.
Technical analysis suggests that continued trading above the support level would maintain the existing range-bound framework. However, repeated unsuccessful tests of the resistance without a decisive breakout could prolong the current consolidation phase. The defined range provides clear reference points for tracking future price movements, keeping market attention focused on how SHIB reacts at these technical boundaries rather than broader market assumptions.
Separate analysis presents a more bearish perspective, noting that SHIB has declined by 2.72% over the last 24 hours on some metrics. Technical charts indicate that if SHIB breaks below the $0.00000711 level, further decline to the $0.0000070 area is likely. On longer time frames, there are no reversal signals yet, and if the daily bar closes near $0.0000070, accumulated selling pressure might trigger a more profound decline toward the next support at $0.00000678. The weekly chart shows a similar picture, with analysts warning that if bulls cannot seize the initiative, traders might expect a support breakout followed by an ongoing drop to the $0.0000060 range.
