Shiba Inu nears key support in July

• Shiba Inu (CRYPTO:SHIB) traded near US$0.00000421 after falling about 24% in June, while whale wallets withdrew 781 billion SHIB from exchanges.
• Technical indicators remained bearish, although continued whale accumulation has helped stabilise the token near key support levels.
• Analysts said a break above resistance or below support could determine SHIB's direction during July.

Shiba Inu (CRYPTO:SHIB) traded near US$0.00000421 after declining about 24% in June, while whale wallets accumulated 781 billion SHIB by moving tokens from exchanges to private wallets.

The token remains below its 20-day, 50-day, 100-day and 200-day exponential moving averages, with a descending price channel indicating that a decisive move could follow the current period of consolidation.

Market data showed derivatives trading activity weakened as trading volume fell 6.5% to US$71.06 million and open interest declined 17.52% to US$26.44 million, while the long-to-short ratio remained close to 1.0.

Technical indicators identify support around US$0.00000413 and US$0.00000400, while resistance is located near the 20-day exponential moving average at US$0.00000452 and the Supertrend indicator at US$0.00000480.

Analysts said an upside move above US$0.00000480 could shift attention towards the 50-day exponential moving average near US$0.00000498, while a break below US$0.00000400 could expose the token to further declines towards US$0.00000350.

Despite the broader meme coin market declining about 33% during June, on-chain data suggests whale accumulation helped Shiba Inu avoid steeper losses even as burn activity remained subdued.

Historical performance shows July has produced mixed returns for Shiba Inu, with average monthly performance close to flat, suggesting seasonal trends have provided little indication of future price direction.

At the time of reporting, Shiba Inu price was $0.054269.