SHIB price has continued to consolidate after the previous increases.
A significant resistance lies ahead for the memecoin as buying pressure drops.
SHIB’s price is likely to continue trading sideways in the short term.
Like many cryptos, the Shiba Inu (SHIB) price is about to end July with a positive return. Within the past 30 days, SHIB’s price has increased by 15%.
Yet, the cryptocurrency’s value is still far below its yearly high. While SHIB can still reach that height, this technical analysis reveals that it might undergo consolidation before breaking out.
SHIB Faces Resistance
According to on-chain data from IntoTheBlock, SHIB’s price is now heading into a critical resistance zone between $0.000014 and $0.000019, as highlighted by the Global In/Out of the Money (GIOM) indicator.
Within this price range, over 190,000 wallet addresses collectively hold over 540 trillion SHIB tokens, all of which are currently in unrealized losses.
These addresses represent holders who bought at higher prices and may be looking to exit at breakeven, which creates significant sell pressure.
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This overhead supply is especially notable compared to the volume of SHIB’s profit, held between $0.000008 and $0.000012.
That group is significantly smaller in token count and number of addresses—suggesting that upside movement could be met with strong resistance.
So, unless SHIB can break through the $0.000014 to $0.000019 resistance band, its price may remain range-bound or face rejection.
SHIB Global In/Out of Money | Credit: IntoTheBlock
SHIB Price Prediction: Sideways Trend
From a technical perspective, Shiba Inu (SHIB) trades within a symmetrical triangle on the daily chart.
This setup reflects market indecision, with neither bulls nor bears taking complete control. As SHIB’s price compresses within the triangle, bullish momentum has failed to build.
Traders should watch for a clear break above the upper trendline to signal bullish continuation. The focus should be on the $0.000014 to $0.000019 resistance zone.
However, that might not be the case. One reason for this is the Awesome Oscillator (AO). As of this writing, the AO has flashed red histogram bars, indicating that momentum is bearish.
Should this trend continue, SHIB’s price might lose hold of the support at $0.000011. Beyond that, the Bull Bear Power (BBP) has dropped to the negative zone.
The decline in the BBP indicates that bears (sellers) are in control. Should bulls fail to change this, SHIB’s price might decline to $0.000010.
In a highly bullish scenario, the memecoin’s market value might decline $0.0000085. However, if buying pressure increases, SHIB might surge above the upper trendline of the symmetrical triangle.
In that case, SHIB might rise to $0.000019. In a highly bullish case, the cryptocurrency’s value might rise as high as $0.000025.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
