Is SHIB Headed for a Steeper Fall or Finding Its Floor?
- SHIB is trading near the $0.000014 mark.
- The 24-hour trading volume has spiked by 3%.
The crypto market cap has settled at around $3.42 trillion. Notably, the meme coin market cap has reached $74.6 billion, after a brief spike in the last 24 hours. Meanwhile, the dog-themed Shiba Inu (SHIB) has lost over 1.53% in the past 24 hours.
The meme coin kicked off the day trading at a high of $0.00001467. Eventually, the bears have pulled the price of SHIB to trade on the downside, at a low of $0.00001416. At the time of writing, the meme coin traded at $0.0000143, with a market cap of $8.43 billion. Its trading volume has spiked by over 3.80%, reaching $176 million.
Shiba Inu’s burn rate is down by 55.72%. Notably, 18,356,090 tokens were burned. To date, the SHIB ecosystem has burned 410.74 trillion SHIB, leaving over 584.48 trillion tokens in circulation.
Can SHIB Stabilize, or Is More Downside?
The Moving Average Convergence Divergence (MACD) line and signal line have crossed below the zero line. This crossover likely infers the potent bearish sentiment, and it might continue trading on the downside unless a reversal occurs. Besides, SHIB’s Chaikin Money Flow (CMF) indicator, which assesses the capital flow, implies the inflow of money as the value rests at 0.12. It also hints at moderate buying pressure in the market.
Assuming SHIB fails to escape the bearish track, the price could slip to the crucial support range at around $0.00001395. A deeper correction of the meme coin might trigger the death cross to take place and send the price toward the $0.000013 level.
However, if the meme coin’s upside momentum is reclaimed, it might find the immediate resistance at the $0.00001439 mark. A sturdy breakout of SHIB could invite the golden cross to emerge, supporting the price to mount and test the resistance at $0.00001470.
In addition, SHIB’s daily relative strength index (RSI) is at 46.76, reflecting the consolidation phase, with neither strong bullish nor bearish momentum. Besides, the Bull Bear Power (BBP) reading of -0.0000006 signals very slight bearish pressure within the market.
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Is SHIB Headed for a Steeper Fall or Finding Its Floor?
- SHIB is trading near the $0.000014 mark.
- The 24-hour trading volume has spiked by 3%.
The crypto market cap has settled at around $3.42 trillion. Notably, the meme coin market cap has reached $74.6 billion, after a brief spike in the last 24 hours. Meanwhile, the dog-themed Shiba Inu (SHIB) has lost over 1.53% in the past 24 hours.
The meme coin kicked off the day trading at a high of $0.00001467. Eventually, the bears have pulled the price of SHIB to trade on the downside, at a low of $0.00001416. At the time of writing, the meme coin traded at $0.0000143, with a market cap of $8.43 billion. Its trading volume has spiked by over 3.80%, reaching $176 million.
Shiba Inu’s burn rate is down by 55.72%. Notably, 18,356,090 tokens were burned. To date, the SHIB ecosystem has burned 410.74 trillion SHIB, leaving over 584.48 trillion tokens in circulation.
Can SHIB Stabilize, or Is More Downside?
The Moving Average Convergence Divergence (MACD) line and signal line have crossed below the zero line. This crossover likely infers the potent bearish sentiment, and it might continue trading on the downside unless a reversal occurs. Besides, SHIB’s Chaikin Money Flow (CMF) indicator, which assesses the capital flow, implies the inflow of money as the value rests at 0.12. It also hints at moderate buying pressure in the market.
Assuming SHIB fails to escape the bearish track, the price could slip to the crucial support range at around $0.00001395. A deeper correction of the meme coin might trigger the death cross to take place and send the price toward the $0.000013 level.
However, if the meme coin’s upside momentum is reclaimed, it might find the immediate resistance at the $0.00001439 mark. A sturdy breakout of SHIB could invite the golden cross to emerge, supporting the price to mount and test the resistance at $0.00001470.
In addition, SHIB’s daily relative strength index (RSI) is at 46.76, reflecting the consolidation phase, with neither strong bullish nor bearish momentum. Besides, the Bull Bear Power (BBP) reading of -0.0000006 signals very slight bearish pressure within the market.
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