Usman Salis
SHIB pumped 5% over the weekend thanks to a market reversal, but it's still trapped in a tight trading range with more sideways action expected.
SHIB finally did something interesting over the weekend. The meme coin jumped 5% since yesterday as the broader crypto market reversed course, according to CoinStats. Not exactly moon territory, but hey, at least it's moving in the right direction.
The thing is, don't get too excited yet. SHIB is still pretty much stuck in the same boring sideways pattern it's been grinding through for weeks. Right now it's trading at $0.00001399, sitting right in the middle of a narrow channel between $0.00001390 support and $0.00001423 resistance.
Neither buyers nor sellers seem to really care about pushing things one way or the other. It's like everyone's just waiting around to see what happens next. The falling volume confirms this – people aren't exactly rushing to buy or dump their bags.
SHIB (Shiba Inu) Trapped in Narrow Trading Channel
Looking at the hourly chart, SHIB is basically ping-ponging between those support and resistance levels. The range is tiny – we're talking about price movements that look huge on the charts but are actually just a few decimal places.
This kind of action usually means more sideways trading is coming. When neither side can take control, the price just keeps bouncing around the same levels until something changes. Based on the current setup, traders are probably looking at consolidation in the $0.00001350 to $0.00001450 zone until the end of the week.
The bigger picture isn't much different either. Buyers tried to keep the momentum going after previous bullish moves, but they couldn't really follow through. It's classic crypto behavior – quick pump, then back to boring consolidation.
What's Next for SHIB (Shiba Inu) Price Action
From a midterm perspective, SHIB holders are probably going to have to deal with more of this sideways stuff. The weekend's 5% gain was nice, but in SHIB terms, that's not exactly a massive move. This token has seen way wilder swings in both directions.
The key levels to watch are pretty straightforward. If SHIB breaks above $0.00001450 with decent volume, maybe we'll see some real momentum. Drop below $0.00001350, and things could get uglier.
Right now though, the most likely scenario is just more consolidation around current prices. It's not the most exciting thing for traders looking for quick profits, but sometimes boring is what the market needs before making its next big move.
The falling volume tells the real story here – people just aren't that passionate about SHIB at these levels. That could change fast if we get some good news or if the broader market starts pumping again. But for now, patience is probably the play.
Bottom line: SHIB's weekend pump was a nice change of pace, but don't expect fireworks anytime soon. More sideways trading seems to be on the menu until something breaks this consolidation pattern.
Usman Salis
