Shiba Inu (SHIB) saw a modest yet noticeable 1.61% price increase in the last 24 hours, pushing its price to $0.00001199. This comes as trading volume hit 368.39 billion SHIB, according to Binance data. The daily candlestick showed some bullish signals, with SHIB opening at $0.00001179, reaching a high of $0.00001204, and dipping to a low of $0.00001167 before closing near its upper range.
Short-Term Bounce or Start of a Trend?
Although the price action may seem minor, it reflects growing interest in SHIB after weeks of sideways and bearish movement. Since February, SHIB has been on a consistent downtrend. A closer look at the chart reveals a possible consolidation phase, especially with recent candles forming tighter ranges.
Source: TradingView
This stabilization around the $0.00001000 to $0.00001200 zone could hint at stronger support. Interestingly, today’s low of $0.00001164 and high of $0.00001202 show relatively narrow volatility.
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While this doesn’t scream breakout, it shows signs of accumulation, a common precursor to upward movement. However, bulls still have work to do to regain the momentum seen in late 2024.
Zooming Out: SHIB’s Struggle to Recover
SHIB remains significantly down from its all-time high of $0.00008845, set on October 28, 2021. That’s an 86.46% drop. Yet, despite that sharp decline, long-term holders who got in at the September 2020 low of $0.00000000008165 are still looking at astronomical gains of over 14,665,605%.
This massive spread between the all-time low and high reflects SHIB’s volatile nature. While some investors remain skeptical due to its meme coin status, its massive community and visibility often keep it in headlines.
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While today’s 1.61% uptick may not signal a major rally, it could mark the beginning of renewed sentiment. If SHIB can hold above the psychological $0.00001200 level and maintain higher volume, the chances of a breakout improve.
Until then, short-term traders may find opportunities in these smaller swings, while long-term investors will keep eyes on broader trends and ecosystem updates. For now, SHIB holds steady—but that can change fast in the world of crypto.
