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- 1 Shiba Inu price is currently trading at $0.00000835 while witnessing a decrease of -1.07% during the intraday session.
- 2 SHIB price has climbed above 20- and 50-day EMAs.
- 3 The year-to-date return of Shiba Inu is 3.22% while the three-month return is -17.52%.
SHIB price has been in a strong uptrend since mid-June 2023, rising from the support level of $0.0000065 and forming a high at $0.00000878. The price is on the journey to recover its losses which occurred at the beginning of June 2023.
Recently, Shiba Inu’s price faced strong rejection from $0.00000878 and the candle closed near $0.00000850. Currently, the price is headed in a downward direction, correcting the bullish move.
If the uptrend persists, the price might melt toward the $0.000008 level. This bearish move is possible if Shiba Inu price is successful in breaking the recent support of $0.00000825.
SHIB Token Worth $28 Million Withdrawn
The Shibarium Layer-2 upgrade is likely to be released in Quarter 3. The big players of Shiba Inu are making moves ahead of the launch. The major crypto exchanges, in the month of July 2023, witnessed the withdrawal of SHIB tokens worth $28 Million.
Around 3.30 trillion SHIB has been withdrawn from the crypto exchanges in July 2023 which is the highest SHIB withdrawal rate in recent months. The data shows that the circulating supply has declined from 86.69 trillion to 83 trillion by the end of the previous month.
Whales have been actively acquiring SHIB tokens and transferring them into cold wallets for long-term storage. Recently, news regarding the SHIB token burn was released. The SHIB army moved 2,094,566,264 to the “inferno” wallet with 412 transactions in July 2023.
According to Whalestats, Shiba Inu is in 12th position in the top purchased token in the top 100 ETH wallets on Ethereum. Shiba Inu is also the most traded token. Shib token is also amongst the top holdings.
Will Shiba Inu Fall to $0.00000800?
The cryptocurrency price has climbed above 20 and 50-day EMAs, indicating rising bullish momentum. Chaikin money flow (CMF) score is -0.04 suggesting slight weakness in the market. CMF is currently sloping downwards.
The relative strength index is 58.74 indicating that the price possesses bullish momentum and might drop to the 50 mark if the price melts toward $0.000008.
The bands of Bollinger have started to expand indicating rising volatility in the market. The price is currently trading near the upper band of Bollinger and has started to show signs of a short-term pullback.
The long/short ratio is 1.16 with 53.87% longs and 46.13% shorts indicating a higher position from buying side in the last 24 hours.
Conclusion
The market structure and price action of Shiba Inu are bullish as the price is forming higher lows. Technical parameters indicate that the SHIB price is still in control of bulls and might witness a pullback toward $0.000008.
Technical Levels
- Major support: $0.00000765 and $0.00000710
- Major resistance: $0.00000860 and $0.00000900
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
