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- 1 Shiba inu price is currently trading at $0.00000861 while seeing a decrease of -0.69% during the intraday session.
- 2 Shib price is trading below 20,50,100 and 200-day EMA.
- 3 The 24 hour trading volume of Shiba Inu is $131,261,493 at the time of writingn.
Shiba Inu’s price is in a strong downtrend after breaking the demand zone of the $0.000010 level. The bullish rally for Shib price started at the beginning of 2023. From the low of $0.00000728, buyers pushed the cost to create a high at $0.00001575 level. The price then corrected the move by dropping to $0.0000100.
shib price entered consolidation after hitting the low of $0.000010, ranging between $0.000010 and $0.00001160. The correction caused the price to lose 38.59% value from the high. Shib’s price is currently headed toward the low from where the bullish rally started in 2023. This would lead to Shib losing all the gains it made in 2023.
Shiba Inu community demands for burning shib tokens
The Burning Shiba Inu rate has hit a new high as the Shiba Inu community has been pushing for burning tokens for some time and seems like their wish has been granted. ShibaSwap Dex started the process, which burned 1.4 billion tokens on May 7. A few days later another 200 million were burned.
This move might have a positive impact on the price as it will help in increasing the value of the remaining coins. Shib’s price is trading below 20,50,100 and 200-day EMA indicating high bearish momentum in the price. The burning token is a common phenomenon in the crypto-currency world; it is a way to reduce supply and increase value.
The recent minor support of $0.00000890 has been shattered by the bears and the current candle has already breached the bottom wick of the previous candle indicating price might fall directly to the support level of $0.00000784.
Will Shib’s price reach the $0.00000785 level?
RSI trades at 23.39 hovering inside the oversold and still shows no signs of pullback or reversal in the price. RSI might deep dive into the oversold zone this time before forming support.
The Chaikin money flow score is 0.10 indicating that the buyers are jumping into the market to lower the momentum of the current bearish trend. The candle has started to lose volume from a short position as the price reaches near the demand zone.
The price is residing near the lower band of Bollinger and has not shown any signs of bullish sentiment. According to Coinglass, the longs/shorts ratio is 0.97 with 49.18% longs and 50.82% shorts in the last 24 hours indicating a more short position in the market.
Conclusion:
shib price action and market structure for Shiba Inu are highly bearish and technical parameters suggest that there might be a chance of reversal but there are no signs of bullishness in the market.
Technical levels:
Major support: $0.00000784 and $0.00000600.
Major resistance: $0.000010 and $0.00001160.
Disclaimer
The views and opinions stated by the author, or any people named in this article about shib price, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
