The price of the popular meme coin Shiba Inu (SHIB) has been stuck in a narrow range, and technical analysis suggests it will either break out or fall deeper.
After a long downward slide that erased much of its post-March momentum, SHIB has remained between $0.0000108 and $0.0000122 for over three weeks. This range represents a demand and supply pocket, with recent candles clustering near the upper edge.
This coiling price action comes as the relative strength index (RSI) inches up to 48.35, slightly ahead of the moving average of 44.78, suggesting mild bullish divergence. However, it is not enough to declare a shift in trend.
Taking a step back, it is clear that SHIB is stuck below the key resistance levels seen in May and June. Thinning volume, less daily volatility and a general lack of direction are also present, which some traders call the "Big Bang" setup because, when prices are so compressed, even small catalysts can trigger major price swings.
However, the chart does not yet show any confirmation. There has been no clear break above $0.0000122, no spike in volume and no significant expansion of the RSI past neutral territory. Until that happens, this could be just another consolidation that fades out rather than breaking out.
On-chain metrics are also quiet. Whale flows have been stagnant, and interest in SHIB is at a multi-month low. Without fresh stories or moves in its ecosystem, Shiba Inu coin might continue trading in this narrow range while traders wait for the market to provide direction or for significant events to occur.
