- SHIB’s price remains under pressure, trading below key moving averages and showing signs of a weakening RSI, indicating continued downward potential.
- Despite the 3.98% drop, Shiba Inu’s 24-hour trading volume increased by 20.23%, suggesting ongoing market interest despite the bearish trend.
- SHIB’s price action is testing crucial support levels, with any failure to reclaim these points signaling further downside, while resistance levels hold the potential for short-term recovery.
Shiba Inu (SHIB) has been facing a decline in its market value, with the cryptocurrency experiencing a 3.98% drop over the last 24 hours. Currently priced at $0.0008536, SHIB has seen fluctuations throughout the day. Despite a brief rally, the trend remains bearish, and key technical indicators suggest that the downturn may continue in the short term.
Shiba Inu’s Market Performance and Volume Activity
In the past 24 hours, Shiba Inu has shown a mixed market performance. Its market capitalization stands at $5.03 billion, reflecting a 3.98% decrease. Meanwhile, the 24-hour trading volume increased by 20.23% to $140.1 million, signaling higher activity in the market.
Source: Coinmarketcap
The circulating supply of SHIB is currently 589.55 trillion tokens, with the number of holders reaching 2.89 million. Despite the drop in price, the increase in trading volume suggests that there is active interest in the market. The trend indicates that market participants continue to engage with SHIB, even as its value declines.
Bearish Momentum: Shiba Inu’s Price Action and Technical Indicators
Technical analysis reveals that Shiba Inu is experiencing bearish momentum in the short term. The cryptocurrency is trading below its key exponential moving averages (EMAs), including the 20-period, 50-period, and 200-period EMAs. This positioning underlines the dominance of sellers, and the market sentiment remains largely negative.
The Relative Strength Index (RSI) also shows signs of weakness, dropping below 50. A declining RSI indicates a weakening buying momentum, which could signal further downside potential for SHIB. As the price moves toward the lower end of the RSI scale, it might be on the verge of an oversold condition, yet the bearish pressure continues to dominate the market.
Key Support and Resistance Levels for Shiba Inu
The price chart of Shiba Inu indicates that there are crucial support and resistance levels that could determine the next movement. SHIB’s price action has recently dipped below these support levels, increasing the chances of further declines. If the price fails to reclaim these levels, SHIB may experience additional losses.
Resistance levels remain important in understanding any potential recovery or reversal. A breakthrough above the current resistance could lead to a short-term recovery, but as the chart indicates, the market remains uncertain. Traders will need to observe these levels closely to understand the price action in the coming days.
Shiba Inu’s Future Outlook and Market Volatility
Despite the bearish trend, Shiba Inu has the potential to change course if market dynamics shift. With fluctuating volume and shifting price levels, SHIB’s short-term future is uncertain. Key price points will play a pivotal role in determining whether the currency can reverse its current trend.
The overall market volatility continues to play a crucial role in Shiba Inu’s movements. As trading activity fluctuates, the price of SHIB may continue to swing unpredictably. Monitoring key technical indicators such as RSI and EMAs will be essential for understanding SHIB’s potential future direction.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
