Key Takeaways
- SHIB price continues to struggle, trading in a range despite bullish market sentiment for altcoins and memecoins.
- The price of Shiba Inu could see further price consolidation if it fails to break above its weekly highs.
- The price continues to trade below weekly resistance, despite speculation that memecoins will perform well in October.
Once tipped as a Dogecoin rival, creating unimaginable stories in the crypto space and potentially creating billionaires, the hype has all faded away as the price of Shiba Inu (SHIB) continues to struggle to build bullish price action, trading in a state of price accumulation for months.
This price action has led many to question the potential of SHIB, with some suggesting that the famous memecoin is dead or has been abandoned by its team and community.
Despite the market showing some signs of bullish sentiment in the last few days and hype around October turning out to be the best trading month for many altcoins, including memecoins.
The price of Shiba Inu has yet to exhibit any bullish price action, as the memecoin token continues to remain within its price range. If the price continues in this fashion, traders and whales will likely lose patience and avoid trading the memecoin, which could affect volume and overall price action.
SHIB Price Analysis as Market Rallies
Source – SHIB Weekly Price Chart from TradingView
The price of SHIB has struggled to create a bullish market structure on the higher timeframe, as it has traded to key highs on several occasions but has been rejected towards key weekly lows, resulting in a prolonged price range.
A key major price rally for the memecoin occurred around early 2024, and since then, the price has remained in a range movement for months, struggling to breakout from its accumulation. If this trend continues, the price could carry current market price action into a new trading calendar.
While memecoins and altcoins have responded strongly to the October hype, SHIB has struggled to find volume and bullish price action to the upside as the price continues to trade in a range.
FAQs
What price is Shiba Inu right now?
The price has remained within a range for the past few months.
Will Shiba coin reach $1?
The possibility of the price trading around $1 remains unlikely given the current price action.
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