Shiba Inu (SHIB)—the meme coin that once rallied on buzz and playful ambition—has seen new tremors across the crypto landscape.

Against a backdrop of general calm in the digital markets, SHIB staged a lively ascent this past month, only to settle into a taut silence as its price hovers within a razor-thin band

Shiba Inu (SHIB) price has been unable to break higher despite showing some signs of life recently.

The meme coin is currently trading in a tight range, with support at $0.0000139 and resistance at $0.0000152.

Momentum is also beginning to wane, with the Relative Strength Index (RSI) on the move. After falling to a low of 31.7, the RSI has since risen to 47.1. However, this reading is still below the baseline at 50, which separates bullish and bearish trends.

Usually, a RSI reading below 50 indicates that bears are in control, while a reading above 50 indicates bulls are in control. However, the fact that the RSI has settled into a reading in the mid-40s suggests that traders are struggling to favor one side or the other.

Chart Analysis: Is Shiba Inu Poised For Breakout Or Breakdown?

Shiba Inu price has struggled mightily out of the gate to start 2024. After showing promise in the latter half of 2023, SHIB has largely traded in a sideways channel since the new year.

After falling to a low of $0.0000123 in mid-January, Shiba Inu rallied to as high as $0.0000151 on January 23. However, the bulls were unable to break through the $0.0000152 resistance, and the price pulled back.

Shiba Inu then dropped to a low of $0.0000138 before staging another brief rally. The bulls were again unable to break through the $0.0000152 resistance, and the price pulled back to test support at $0.0000139.

If the bulls can break through the $0.0000152 resistance, then the next resistance level to watch out for is at $0.0000176. A break through this level could open the door for a move to the $0.000020 level.

On the other hand, if the bears can break through the $0.0000139 support, then the next support level to watch out for is at $0.0000127. A break through this level could open the door for a move to the $0.0000123 low.

The exponential moving averages (EMAs) have also flattened out recently. This is another indication that the momentum has slowed. If the price falls below the 20 EMA, which is currently at $0.0000139, then traders could brace for a move lower toward the 50 EMA or the 100 EMA.

On the flip side, if the price can stay above the 20 EMA and break through the $0.0000152 resistance, then traders could look for a move toward the 50 EMA or the 100 EMA on the upside.

Finally, the volume has decreased recently, which is another sign that the momentum is slowing. If the volume continues to decrease, then it could indicate that traders are losing interest in the coin.

Despite the recent struggles of Shiba Inu, the meme coin has shown some resilience. It is still trading above the 100 EMA, and it has managed to bounce off of support at $0.0000139 on several occasions.

If the bulls can manage to break through the $0.0000152 resistance, then it could set off a chain reaction that leads to a more decisive move higher. However, if the bears manage to break through the $0.0000139 support, then it could lead to a steeper decline.