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- Shiba Inu adoption and burnt has seen an exponential increase in the past few months
- Technical Indicators are favoring the consolidation. Meanwhile the coin market cap has seen a decline of 4% in the past 24 hours
SHIBA INU is the second biggest meme coin. It has also made a way into the top 10 crypto currencies bought by the Ethereum whales. Despite a large contagion currently present in the crypto market, the adoption and the burn rate of the Shiba Inu crypto has seen a strong increase. The team of SHIBA is also engaged in developing various strong projects. Meanwhile, a trading exchange in japan has recently listed SHIBA on their platform. There are still a lot of big crypto exchanges to list SHIBA Inu coin. Although Japan Virtual crypto assets exchange association is on its way to give pre screening requirements for digital tokens to be listed on exchange.
SHIBA INU is currently ranked 14th in the CMC and has a market cap of $5 Billion. The volume of the SHIBA has also seen a 20% decrease in the past 24 hours. Volume to market cap ratio of the asset price suggests a consolidated trend in price.
SHIBA Fails To Maintain A Strong Momentum
The weekly technical chart of Shiba inu suggests a consolidated trend in price. It has failed to gain a strong momentum despite a momentary upside trend. On the daily chart it is currently trading near the value of $0.00000908 and has seen a drop of over 2.5% in the intraday session. The upside momentum of SHIBA can see a halt near the value of $0.0000105. Meanwhile a bounceback in the asset price can be observed near $0.0000075. It has failed to cross over 50 DMA despite several attempts. If the crypto price crosses above 50 or 100 DMA then a strong momentum in price can be seen in future.
Conclusion
Despite the FTX debacle SHIBA has continued to gain momentum and strong adaption. The crypto price is currently in a downside trend but can move to a new high in the future.
Technical Levels
Major Support:$0.00000075
Major Resistance: $0.00001008
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
