Key Takeaways

Shiba Inu has been trading inside a range since February, and over the past month has formed another short-term range below $0.000014. Technical indicators showcased a bearish bias for the meme coin.

One of the most popular memecoins, Shiba Inu [SHIB], has not had a bullish trend in recent weeks.

This was in line with other leading memecoins and most of the other altcoins as the market struggled to make gains in August.

Recently, AMBCrypto observed that SHIB whales were quietly accumulating.

A trillion Shiba Inu tokens were added to the holdings of the largest whale cohort, according to Santiment data. However, its market structure leaned bearishly.

Since February, the 12-hour chart has consistently highlighted a purple-shaded range in which Shiba Inu has been trading. This range spans from $0.00001 to $0.000016, with a mid-point at $0.000013. 

Notably, in May, the price attempted a breakout above this range; however, the move was short-lived and quickly reversed, reinforcing the range-bound structure.

The RSI on the 12-hour chart was below neutral 50, at press time, showing the bulls did not have much strength.

This was evident from the price action. Over the past week, SHIB saw a rejection at the mid-range resistance and fell to the $0.000012 support zone.

Chances of a Shiba Inu recovery appear good, here’s why