As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market volatility, and Shiba Inu is no exception. The recent dip in SHIB price has left many investors scratching their heads, but I always remind myself: “Bulls make money, bears make money, and pigs get slaughtered.”
Recently, the well-known meme token, Shiba Inu, has seen a substantial drop. Following a market adjustment, the price of Shiba Inu fell dramatically, leading to worry among investors and supporters. This decline is connected to a larger pattern impacting numerous cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), along with other alternative coins.
Shiba Inu Price Faces Volatility Amid Increased Burn Rate
Although facing a drop, the meme coin is seeing an uptick in crucial aspects. For instance, trading volumes have jumped up by 34%, hinting at renewed enthusiasm among investors. Additionally, as per recent Shibburn data, the rate at which Shiba Inu coins are burned has skyrocketed by a whopping 1565% within the last day, leading to the destruction of approximately 8.56 million coins.
As an analyst, I’ve observed a significant decrease in the circulating supply of SHIB, now sitting at approximately 589 trillion coins. The dramatic shrinkage in the number of available coins has ignited market chatter, hinting at a possible steep increase in SHIB’s price due to these burn events. This promising trend could indicate a potential rebound for the popular meme coin, counteracting the recent bearish tendencies.
Shiba Inu Price Analysis: Can SHIB Overcome Bearish Trends?
Over the past 24 hours, the SHIB price has experienced a. The dog-theme memecoin saw its price oscillate between a low of $0.00001562 and a high of $0.00001667.
At the time of writing, the SHIB price hovered at $0.00001592, with a slight decrease of 3%.
In simpler terms, the technical analysis of SHIB shows a combined perspective. The Relative Strength Index (RSI), displayed over a 4-hour period, stands at 33, suggesting that SHIB might be nearing an oversold state, potentially hinting at a possible change in direction.
On the other hand, the Moving Average Convergence Divergence (MACD) indicates a downtrend, since the MACD line has fallen beneath the signal line. This is further supported by the histogram, which reflects bearish feelings as it shows negative readings suggesting dwindling buying pressure.
If the bearish trend intensifies, it’s possible that the Shiba Inu price might dip below its current support at $0.00001550, potentially falling to around $0.000015 and even as low as $0.00001450 in the near future.
Based on data from IntoTheBlock, we’ve observed a significant rise in major Shiba Inu transactions during the past week. This surge in activity from significant investors often suggests optimism, hinting at increased confidence among these investors.
As a researcher delving into the intricacies of this vast network, I’m thrilled to report that the cumulative worth of all transactions now towers an impressive $58.54 trillion. This significant expansion of our network has not only captivated my attention but also reinforced a positive outlook among market participants, suggesting a promising future ahead.
On the positive side, if the bullish trend intensifies, the 10-EMA and 20-EMA may approach the resistance point at $0.000016. Should the bulls successfully drive the price upward, Shiba Inu (SHIB) might reach $0.000017 and possibly even $0.000018 in the near term.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BICO PREDICTION. BICO cryptocurrency
- USD COP PREDICTION
- USD CLP PREDICTION
- USD ZAR PREDICTION
- USD PHP PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- PLI PREDICTION. PLI cryptocurrency
2024-08-01 13:53