As an experienced analyst, I closely monitor the crypto market’s dynamics and trends. The recent global crypto market crash has left many investors uncertain about the future of various cryptocurrencies, including Shiba Inu (SHIB). SHIB, a popular dog-themed memecoin, has been experiencing bearish trends over the past day, week, and month.
As a researcher studying the cryptocurrency market, I’m observing the current downturn that has affected major players like Ethereum and Bitcoin. However, the future price direction of lesser-known cryptocurrencies such as Shiba Inu (SHIB) remains uncertain during this global market crash. SHIB experienced significant price declines over the past day, week, and month, leaving investors questioning its potential for recovery. Let’s explore the specific details surrounding this memecoin to gain a better understanding of its current situation.
Current Market Performance of Shiba Inu Price
As a researcher studying the cryptocurrency market, I’ve observed that Shiba Inu (SHIB) has been experiencing a downturn in its value recently. Specifically, over the past day, the price of SHIB dropped by 1.98%, bringing it to trade at $0.00002102 as of now. This decline is not limited to just the past day, as the coin has also experienced a decrease in value over the past week and month, with prices falling 16.04% and 12.62%, respectively. Consequently, Shiba Inu’s market capitalization has slightly decreased, currently standing at $12.39 billion according to CoinMarketCap, which now ranks it as the 11th largest cryptocurrency by market cap.
Trading in the market has noticeably decreased, as evidenced by a substantial 43.56% decrease in trading volume within the last 24 hours, amounting to $322.66 million.
Technical Analysis of Shiba Inu Price
As a technical analyst, I would assess that Shiba Inu’s chart displays a contrasting perspective. Utilizing widely-accepted indicators is part of my process to gain insights into this cryptocurrency’s price movements.
As a crypto investor, I’m closely monitoring the moving averages to gauge the market trend. Right now, they’re pointing towards a predominantly bearish climate. The short-term and mid-term Exponential Moving Averages (EMAs) are all signaling sell actions, which means it might be a good idea to consider selling some of my holdings. However, the 200-period EMA is suggesting a buy signal, indicating that there could be long-term potential for an upward trend. So, while I’m taking profits now, I’ll also keep a portion of my funds ready to invest if the market starts to recover.
In contrast, while Simple Moving Averages (SMA) indicate a declining trend during the same timeframes in most cases, the SMA (200) implies a buying opportunity instead.
At 35.75, the RSI indicates that SHIB is at a neutral stance, neither overbought or oversold.
On the other hand, The MACD level shows a sell signal, suggesting a bearish price trend.
The significance of Fibonacci levels for SHIB‘s price is evident as they indicate potential price targets. The key level to watch is $0.00002512, which acts as a pivotal point. In the event of a price decrease, SHIB may encounter support at $0.00002083 and $0.00001627 before reaching its final support level at $0.00000742.
If the price rises, Shiba Inu will encounter resistance at two levels: $0.00002968 and $0.00003397. Should it manage to surpass these barriers, it may encounter further resistance at $0.00004282.
Market Sentiment: Bearish Pressures and Bullish Hopes
Recent market data shows bearish pressures but also hints at potential recovery.
Increased Selling Pressure
Certain analysts have examined Santiment’s daily trading data, focusing on both transaction volumes linked to profits and those associated with the profit-to-loss ratio. The recent decrease in profit indicators raises alarm, as it may indicate an increasing number of traders are incurring losses, possibly due to anxiety over potential price drops.
As an analyst, I’ve observed that the amount of Shiba Inu (SHIB) coins held on exchanges has been steadily increasing. This trend suggests that investors are increasingly looking to sell their holdings, which is a bearish sign as it indicates increased selling pressure in the market.
SHIB Burn Rate: A Glimmer of Optimism
In contrast, the Shiba Inu coin destruction rate has skyrocketed by more than 800% lately, resulting in the elimination of around 107 million tokens. This substantial decrease in availability has sparked a sense of market enthusiasm. Additionally, the increasing use of SHIB in applications like web3 food delivery services is fueling positive vibes.
The data on Shib burns highlighted a substantial increase of 859.83%, with over 107 million SHIB tokens being destroyed in the previous day being the main contributing factor.
Conclusion: Will Shiba Inu Recover in June?
The outlook for SHIBUSD based on technical indicators displays a tentative but hopeful perspective. Although the short- to mid-term moving averages convey a bearish tone, long-term indicators and certain oscillators indicate the possibility of an upturn. The escalating burn rate and growing adoption add to the optimism surrounding SHIB‘s future prospects.
To effectively evaluate the price fluctuations of Shiba Inu in June, investors should closely monitor the significant support and resistance points identified by Fibonacci retracement levels. Additionally, it’s essential to consider the market’s response to the utilization of funds and the acceptance rate of the currency, as these factors will play a crucial role in determining if Shiba Inu can reverse its recent downward trend and experience recovery within the upcoming weeks.
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2024-06-14 19:02