Shiba Inu (SHIB) has experienced a slight decline in the past 24 hours, leaving investors closely watching the meme coin’s next move. At press time, SHIB is priced at $0.00001304, marking a 0.44% dip on the day. The pullback comes amid weakening trading activity, as 24-hour volume slid by 3.82% to $230.3 million.

Despite the minor decline, SHIB’s market cap holds at $7.68 billion, ranking it firmly among the top 25 cryptocurrencies. The fully diluted valuation (FDV) stands close at $7.69 billion, reflecting its largely unlocked supply of 589.24 trillion SHIB in circulation out of a maximum of 589.55 trillion SHIB.

Price Swings Within a Tight Range

Over the past day, SHIB traded within a narrow range, touching a low of $0.00001287 and a high of $0.00001318. The price chart shows a mixed pattern of green and red candles, with brief surges in the early morning hours followed by sharp dips later in the day.

_{24-hour chart Source: CoinMarketCap}

The coin struggled to hold above the $0.00001310 resistance and slipped back, signaling that selling pressure remains active. On the downside, buyers managed to defend the $0.00001280 support, preventing further breakdown. This tight range reflects the cautious stance of traders waiting for stronger momentum.

Related article: SHIB Struggles Near $0.000012 as Holders Await Recovery

While SHIB’s current price may appear subdued, it is far above its all-time low of $0.00000000008165, recorded on September 1, 2020, representing a staggering 15,952,360% gain since inception. However, it still lingers 85.27% below its all-time high of $0.00008845, achieved on October 28, 2021 during its peak meme-coin hype cycle.

Outlook for SHIB

Shiba Inu’s latest pullback highlights its ongoing struggle to break out of consolidation. The price is trapped between key support and resistance zones, with trading volume declining. For now, SHIB remains a speculative play, heavily influenced by market sentiment and whale activity.

Related article: SHIB Breakout Incoming? Traders Eye Critical Resistance Zone

If buying momentum returns, SHIB could retest the $0.00001320 zone. On the flip side, failing to hold support near $0.00001280 might trigger a deeper correction. Investors and traders alike will be watching closely for the next decisive move.