Shiba Inu has fallen in the last 24 hours as the overall crypto environment was not calm. By the time of reporting, SHIB was trading in the negative, at $0.058644 and this represented a decrease of 1.8 per cent per day. Price action remained in a well-defined range, and this strengthens short-term structure. It is worth noting that traders kept observing the potential of the broader market power to maintain attempts upwards.
SHIB Price Action Remains Confined Between Key Levels
Shiba Inu stayed in a narrow range of 24 hours with buyers and sellers being even in the market. The support point was set to be at $0.058497, and the purchase activity capped the downward movement. Nonetheless, the futures movement plateaued around a resistance at $0.05899 to eliminate any further movement of the price. Price therefore moved back and forth between these levels without any break out.
SHIB was trading at $0.058644, and it has fallen by 1.8 percent and is within a narrow intraday movement. Price was supported at above $0.058497 and repeated efforts to reach at the above $0.05899 resistance were not able to continue gains. In spite of the weakness of the dollar, SHIB was relatively strong with 3.9 percent gains versus BTC and 3.1 percent versus ETH.
— cryptoshibs (@cryptoshibs) June 13, 2024
Notably, the narrow trading range highlighted reduced volatility during the session. This containment reflected a market awaiting stronger directional input from the wider crypto environment. Meanwhile, price remained close to support, keeping downside pressure controlled. This positioning set the stage for close observation of subsequent market reactions.
SHIB Gains Against BTC and ETH Despite Dollar-Based Decline
Together with its dollar valuation, SHIB showed quantifiable changes against key crypto pairs. SHIB was compared against Bitcoin and the results were 0.0108906 BTC with a growth of 3.9 percent. On the same note, the token increased 3.1 percent compared to Ethereum, which exchanged at 0.082566 ETH. These relative gains were against the reduction realized in terms of dollars.
However, this divergence highlighted shifting capital flows across crypto trading pairs. Traders often assess such movements to understand short-term positioning dynamics. In this case, SHIB’s strength against BTC and ETH occurred despite dollar-based weakness. That contrast added complexity to the intraday trading narrative.
The current price structure showed SHIB trading close to both support and resistance. This proximity limited directional momentum during the observed period. Notably, sustained movement beyond $0.05899 would require continued market participation. Likewise, a break below $0.058497 would reflect increased selling pressure. For now, price behavior remained closely tied to overall crypto market direction. As trading continued, market participants tracked whether conditions could support expansion. Until then, SHIB remained range-bound, defined strictly by the established technical levels.