The SHIB-DOGE pair has fallen to its lowest level since November 2021, extending a downtrend that began following March 2024 highs.
Shiba Inu (SHIB) has seen a sharp decline in volatility in its dollar-denominated price, continuing to lose ground against peer token Dogecoin (DOGE), currently trading at $0.2655.
According to TradingView, SHIB’s 90-day realized volatility has fallen to an annualized 64%, the lowest since December 2023. Realized volatility tracks how much an asset’s price has fluctuated over a specific period, offering insight into historical price swings.
Since May, SHIB has been trading within a narrowing range, defined by converging trendlines connecting lower highs and higher lows. Market analysts suggest that the eventual breakout from this range could set the tone for the next significant move.
In the past 24 hours, SHIB has rebounded by more than 2% in USD terms. CoinDesk analytics reported that the token achieved an intraday high of $0.000013584 at 22:00 on 17 September, supported by exceptionally high trading volumes of 2.08 trillion tokens.
Critical resistance formed at the $0.000013584 level, where price action reversed amid heightened volume, while strong support was established near $0.000012882, creating a trading corridor of $0.000007020—or roughly 5%—in range.
Whale activity also surged, with over 7 trillion tokens moved on-chain on Saturday alone, including 512 billion SHIB transferred from Kraken to undisclosed addresses.
Key Technical Highlights:
- Price Range: SHIB traded between $0.000012882 support and $0.000013584 resistance, defining a $0.000007020 corridor with 5% volatility.
- Volume: A massive volume spike of 2.08 trillion tokens during the 18:00 hour far exceeded the 24-hour average of 533.5 billion tokens.
- Support & Resistance: Strong support held at $0.000012882, while key resistance emerged at $0.000013584.
- Consolidation: The final trading hours saw tight consolidation between $0.000013323 and $0.000013373, signaling potential accumulation ahead of the next directional move.
- Volume Dynamics: Volume surged to 7.55 billion tokens during resistance tests at 11:40, then fell to 187 million tokens in the final trading minutes.
SHIB Hits Record Lows Against DOGE
The SHIB-DOGE pair on Binance, which tracks SHIB relative to DOGE, has dropped to 0.0000472—the lowest level since the pair was listed in November 2021.
After breaking out of a sideways pattern, the pair has continued the prolonged downtrend from March 2024 highs. Analysts expect the SHIB-DOGE outlook to remain bearish while this downtrend persists.
