Shiba Inu (SHIB), a major meme coin, has seen a notable downturn following the market correction. In recent days, SHIB was trading in bullish territory, with the price rallying above $0.000019. However, the market dynamics shifted drastically.
Over the past 24 hours, the Shiba Inu price plummeted by nearly 10% to $0.00001741, reflecting a sharp decline in investor confidence and a broader market sell-off. This dip has significantly impacted the coin’s market capitalization, now at approximately $10.23 billion, sliding down the ranks in global cryptocurrency standings. The trading volume surged by over 51% to $803.71 million, indicating heightened market activity as investors responded to the price movement.
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Potential Downturn or a Swift Recovery?
However, the SHIB price has seen a noticeable uptick over the past week, appreciating by 4.06%. The price movement of the meme-based cryptocurrency Shiba Inu began to climb on July 16th from a lower point of $0.00002.
This upward trend persisted through the week, achieving a peak value before facing a sharp decline towards the end of the observation period. This fluctuation underscores the volatile nature of SHIB as it continues to attract attention in the cryptocurrency market.
SHIB Burn Spike: Analyzing the Impact on Market Supply
According to Whale Alert, a significant transaction involving 3,632,752,465,343 SHIB coins, equivalent to 63,282,547 USD, occurred recently. This substantial movement of SHIB cryptocurrency took place from one undisclosed digital wallet to another.
🚨 🚨 🚨 3,632,752,465,343 #SHIB (63,282,547 USD) transferred from unknown wallet to unknown wallethttps://t.co/ly4YUyvvyO
— Whale Alert (@whale_alert) July 18, 2024
According to Shibburn, the latest data on Shiba Inu’s cryptocurrency supply reveals significant movements. 410,727,581,222,739 Shiba Inu tokens have been burned from the initial supply. The burn rate has shown an astonishing increase of 886.79% over the last 24 hours, with 8,880,474 SHIB tokens burned during this period.
Could SHIB Rebound to $0.00002 Soon?
Shiba Inu is currently hovering around a critical support level. If this level fails, the price of SHIB could fall below $0.000017. This decline might aim for the next support zone around $0.000016. If the market mood worsens, it could further pull Shiba Inu to the $0.000015 level. This would suggest a market overwhelmingly controlled by sellers.
On the flip side, if bullish sentiment revives, it could propel the Shiba price past the $0.000018 mark. Breaching this level might pave the way for a rise to $0.00002. With increased bullish momentum, surpassing the $0.000025 level could change its typical trading patterns. This might set the stage for reaching a $0.00003 peak.
The daily technical indicators for Shiba Inu against the US Dollar show mixed signals for traders and investors alike. The Relative Strength Index (RSI) for SHIB is currently at 47, suggesting that the asset is neither overbought nor oversold and remains in neutral territory.
Moreover, the Moving Average Convergence Divergence (MACD) shows a slight bullish crossover as the MACD line (blue) has started to edge above the signal line (orange). This could hint at a potential shift in momentum towards buying pressure.
The 50-Exponential moving average (50-EMA) is currently above the 20-EMA, indicating market corrections might be underway. This configuration can be interpreted as bearish, suggesting that SHIB might face downward pressure in the short term.
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