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- 1 The Shiba Inu coin price decreased by 4.48% over the last week and is trading below major EMAs.
- 2 The price of the SHIB coin is trading at $0.00000682 and the 52-week trading range is between $0.00000600 – $0.00001794.
Shiba coin is a crypto coin that is inspired by a dog meme and wants to be a rival to Dogecoin. It is a token on Ethereum that has a very large supply of about one quadrillion coins. Shiba coin also supports projects like the platform for NFT art and a decentralized exchange named Shibaswap.
SHIB crypto surged by 0.30% in market value and declined by 0.68% in trading volume in the last 24 hours, as per Coinmarketcap which is a crypto data and info website. Its market value is $4.02 Billion and its trading volume is $71.3 Million. There are 589.35 Trillion SHIB in circulation.
Shibu Inu (SHIB) open interest is $28.85 Million, as per Coinglass, which is a crypto analysis website. It fell by 1.29% in the previous session. The long versus short ratio for 24 hours is 0.9802. The total number of short positions added in the last 24 hours is $4,774.801 against longs of $10,297.574.
Shiba Inu (SHIB) is a crypto coin that has a huge supply of one quadrillion coins. If all of them were in the market today, the total value of SHIB would be $6,826,812,570. This is the fully diluted valuation (FDV) of SHIB, which is a statistical measure of the potential value. However, not all SHIB coins are available yet.
The number of SHIB coins that are released depends on how they are designed. According to SimplyWall, a website that provides financial data, it might take a long time for the FDV to be achieved.
SHIB Coin Price Technical Analysis in the 1-Day Timeframe
SHIB coin has not done well this month, as its price has dropped by 4.88% as compared to last month. It has also been very volatile in the past six months, as it has shed 41.00% of its value in that time.
The year-to-date return of SHIB price is also negative, as it fell by 15.38% since the start of the year. This shows that the SHIB coin has not been much of a good investment this year.
Shiba Inu reached its highest price on October 27th, 2021, when it was worth $0.00009000. Since then, it has been in a downtrend, making lower highs and lows. The current market price is $0.00000682, and it is trading in a narrow range.
Therefore, the SHIB price might keep going down and find new support levels at $0.00000643 and $0.00000596, if it cannot hold the current level.
On the other hand, if the SHIB price stays at the current level and breaks above the previous high, then it might reach and surpass the previous resistance levels of $0.00000759 and $0.00000840.
At the time of publishing, Shiba Inu (SHIB) is trading below the 20 and 50-day EMAs (exponential moving averages).
The MACD line at 0.00000018 and the signal line at 0.00000015 are below the zero line both lines cross each other showing a bear crossover is observed in the MACD oscillator, where the histogram width is broadening showing bearishness.
The current value of the RSI is 34.67 points and the 14-day SMA is above the median line at 40.36 points, showing the curve is taking resistance from 14 SMA.
Conclusion
SHIB price highlights the consolidation of bearish sentiments and perspectives of investors and traders regarding the SHIB in the daily time frame. The technical parameters of the SHIB price suggest the continuation of bearishness over the daily timeframe chart. Moreover, the SHIB price action highlights a bearish view at the time of publishing.
Technical Levels
- Support Levels: $0.00000643 and $0.00000596
- Resistance Levels: $0.00000759 and $0.00000840
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
