Shiba Inu (SHIB) continued to trade within a narrow range on Monday, following a volatile week amid a broader crypto market downturn.
Notably, over the past week, the world’s second-largest memecoin decreased by almost 4%, as selling pressure spread across major digital assets.
Meanwhile, analyst SHIB Mortal highlighted that rising burn activity appears to be aligning with ongoing network engagement, suggesting that increased ecosystem usage may be contributing to the reduction in circulating supply.
Additionally, analyst Crypto Patel emphasized the psychological contrast between SHIB’s past and present valuation, noting that early adopters benefited from massive gains during previous cycles.
The implication among bullish traders is that extended periods of depressed prices may present accumulation opportunities for investors willing to take a long-term view, especially if structural improvements continue to emerge within the ecosystem.
 
Furthermore, according to analyst Crypto Lens, SHIB appears to be holding a historically significant demand zone that has previously acted as a launchpad for major upward moves.
According to the analyst, the token’s price history has included several extended consolidation phases followed by explosive rallies, including gains exceeding 1000% in earlier cycles. This pattern has led some market watchers to suggest that SHIB may once again be approaching a critical accumulation phase.
He also noted that SHIB has been consolidating for an extended period, estimated at roughly 550 days, suggesting that market compression may be reaching a mature stage.
Meanwhile, according to analyst SHIB Crowd, the token value is well below its historical average, but large investors are actively accumulating. The withdrawal of roughly 30 billion SHIB from exchanges in late March reduced supply and eased the impact of immediate selling pressure.
Additionally, it was disclosed that the BitGo wallet generated 120 billion SHIB in various transactions in early April, indicating their preference for long-term holding over shorting.
However, despite fluctuations in its price, SHIB is still close to $0.0000059, down approximately 93% from its October 2018 peak of $0.000086.
Moreover, according to analyst Vuori Trading, there’s still time for the token to bounce back to its previous cycle highs, regardless of sentiment, given the significant discrepancy.
According to him, the underlying value is holding firm at levels of support found during last summer’s market lows.
He also noted that downside risks are low, but SHIB is currently in an accumulation phase and may continue to grow until late Q4 or early Q1.
At press time, SHIB was trading at $0.000005979, reflecting a 1.12% drop in the past 24 hours.
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