- Shiba Inu was hovering at a key support level at around $0.00001745.
- Metrics indicated bearish signals.
As an experienced analyst, I closely monitor the cryptocurrency market, and Shiba Inu’s [SHIB] recent price action has piqued my interest. Based on the data available, I believe that the current support level at around $0.00001745 is crucial for further price movements.
The price of Shiba Inu’s cryptocurrency, SHIB, remained close to a significant support point at approximately $0.00001745. Lately, SHIB’s market behavior has been quite volatile, with a notable drop of 35% occurring since June 6th.
This key support is vital for further price movements.
I’ve observed a significant 11% rise over the past two days. However, there are signs that bearish sentiment is regaining traction.
From my research perspective, as of now, SHIB was valued at $0.00001746 based on data from CoinMarketCap, representing a modest 0.52% rise over the past day but a more significant 4.56% drop in the last week. The trading volume for this cryptocurrency took a hit, decreasing by a substantial 37.25% to reach $1.97 billion.
At the current moment, the RSI with a stochastic component of 15.2 indicated that the market was oversold, implying a possible change in direction and an upcoming price increase. The MACD indicator, on the other hand, showed signs of weakening bearish trends.
Based on these elements, it appears that the downward pressure on prices may intensify, potentially leading to further declines.
SHIB’s data suggests…
Coinglass’s liquidation heatmap data was examined by AMBCrypto. This data revealed substantial liquidation risk around the present price points.
This suggests that if the price dips below the support level, prices could dip further.
Shibburn reports a 29.76% increase in SHIB burns over the past 24 hours, amounting to 17,191,209 tokens being eliminated from circulation. Should the current support hold, this decrease in availability could potentially boost the price due to increased demand.
During this period, the long-term versus short-term investor positions, as reflected in the long/short ratio data, showed no clear advantage for either group. In other words, the market was evenly split between those with long-term and short-term investment horizons.
They seem split on SHIB’s next move, with sentiment swinging back and forth over the past month.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
What’s next for SHIB?
The price of Shiba Inu reached a significant level of support at $0.00001745. Following the previous upward trend, negative pressure started to accumulate.
If the bearish trend overpowers and pushes SHIB below this point, the price may continue to decline. Conversely, if the present uptrend gains sufficient strength, it could lead to a significant price increase.
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2024-06-27 10:18