Shiba Inu's price has been locked in a tight range, frustrating traders hoping for a decisive move. Despite a minor uptick in the last 24 hours, the coin has barely budged over the past week and month.
A review of the price chart shows SHIB staged a recovery from strong support at $0.0000053. Buyers stepped in at this zone, countering selling pressure and triggering a bounce. Since then, SHIB has climbed roughly 16.6% off this support.
According to TradingView analyst 'The-Thief', every time price nears this zone, fresh buying activity is observed, creating new demand. A decisive daily close above $0.0000064 with strong volume could spark a breakout to the upside.
The latest exchange data reveals that 81.6 billion SHIB tokens were moved to various crypto exchanges over the past 24 hours. This spike in exchange inflow may signal that investors are preparing for large trades as the price remains squeezed within a narrow range. At the same time, overall trading volume has dropped by 5.5%.