Volatility for Shiba Inu (SHIB) has significantly decreased, with the token struggling to maintain its value relative to its main competitor, Dogecoin (DOGE). Current data from TradingView reveals that SHIB’s 90-day realized volatility has fallen to an annualized 64%, marking its lowest point since December 2023. This metric gauges how much an asset’s price has varied over a specific timeframe, providing insights into the historical price fluctuations of the cryptocurrency.
Since May, SHIB’s price activity has entered a phase of narrowing trends, characterized by converging trendlines that connect lower highs and higher lows. The eventual resolution of this price range could dictate the SHIB market’s direction for its next significant movement.
In the past 24 hours, SHIB saw a 2% increase in its dollar-denominated price, achieving a notable technical milestone by reaching an intraday high of $0.000013584 on September 17. This price surge was supported by extraordinary trading volumes totaling 2.08 trillion tokens. However, this upward movement faced resistance at the $0.000013584 threshold, where trading reversed amid increased volumes. Meanwhile, a solid support level formed near $0.000012882, establishing a trading corridor reflecting a volatility range of 5%.
Amid this activity, whale movements surged, with more than 7 trillion tokens transferred on-chain on a recent Saturday. This included a significant transfer of 512 billion SHIB from Kraken to undisclosed wallets, indicating heightened interest from larger investors.
A deeper analysis reveals that SHIB has been oscillating between support at $0.000012882 and resistance at $0.000013584, creating a trading range of $0.000007020. The volume assessment further highlights an exceptional surge of 2.08 trillion tokens during a defined period, notably exceeding the typical 24-hour average of 533.5 billion tokens.
Technical insights indicate tightening consolidation in SHIB’s price activity, particularly between $0.000013323 and $0.000013373, which may suggest accumulation before the next directional shift. Volume characteristics show notable activity during tests of resistance, with a spike of 7.55 billion tokens at 11:40, followed by a decline in volume to 187 million tokens toward the day’s end.
In contrast, SHIB has reached record lows against DOGE. The SHIB-DOGE trading pair on Binance recently fell to a value of 0.0000472, the lowest since its listing in November 2021. This pair has deviated from its prior sideways pattern and continues to reflect a prolonged downtrend from peak levels in March 2024. Consequently, the outlook for SHIB relative to DOGE remains bearish as the downward trend persists.
