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- 1 Shiba Inu crypto was up nearly 3.11% intraday and currently trades near $0.000033.
- 2 The relative strength index (RSI) indicator shows the crypto hovering in an overbought region.
The Shiba Inu crypto is hovering back and forth in recent sessions amid volatility. The crypto is trying to stabilize near the highs after a massive rise in the last couple of weeks.
Moreover, the 4-hour chart shows the formation of a descending triangle pattern. On the higher side, the price has taken multiple rejections from a trendline resistance and declined. On the lower side, a horizontal level of $0.0000299 has been acting as a demand and preventing the price from falling lower.
The breakout of the trendline resistance may validate the completion of a short term correction and the SHIB price may shoot to the new higher supply level. However, if the sellers to defend the highs and the crypto breaks below the recent demand zone. It may drop near the 20-Day exponential moving average at $0.000026.
Earlier, Shiba Inu crypto had spiked nearly 250% higher in the 1st week of March after the jump in burn rate.
Shiba Inu Crypto Volume Analysis
Moreover, the SHIB crypto noted a significant and continuous rise in the volume inflow by the first week of March along with the price rise. Afterwards, the volume fell this week and price started consolidating, it seems like the price is sustaining at top and getting ready for an upsurge in coming sessions.
The live market capitalization of Shiba Inu crypto is $19.32 Billion and ranks 11th in the overall crypto market. The intraday trading volume is $2.32 Billion which has surged nearly 49% as compared to the previous day. The current circulating supply is 589.28 Trillion SHIB tokens.
Shiba Inu Crypto: Open Interest Data Analysis.
The Open Interest data analysis of Shiba Inu cryptocurrency saw a continuous surge in the number of OI contracts in the past sessions and recent sessions show OI decline. This scenario could invite more buying opportunities for whales in the coming sessions.
Moreover, the higher market capitalization provides better liquidity as it assists in better investing and buying or selling of SHIB assets more quickly and easily. The market capitalization is declining as a result of a minor profit booking, since the fall is not big, major buying can push the market cap upside along with the price
Technical Analysis Of Shiba Inu Price.
From a technical perspective, the Relative strength index (RSI) indicator was placed at 72.31 points and that of the SMA line was placed at 84.29 points. Both the RSI and SMA line were hovering in an overbought region indicating a possible correction or consolidation in the crypto.
Shiba Inu Crypto Prediction 2024.
The long-term trend outlook is bullish which may continue to add buying volume inflow at the lower levels. The crypto lifted off nearly 245% last month.
The short-term trend seems to be indecisive until the SHIB cryptocurrency continues to maintain the descending triangle pattern. Moreover, the short-term traders and investors may target higher levels of $0.000045 and $0.000055 levels.
Conclusion
Shiba Inu Crypto has been consolidating near the recent highs in the recent sessions. The price is up nearly 245% in the last one month indicating a massive jump in the price. The short-term trend seems to be indecisive until the SHIB cryptocurrency continues to maintain the descending triangle pattern.
The trend outlook is positive which may resume again if the crypto breaks out of a descending triangle pattern formed on the 4-hour chart.
Technical levels:
- Support Levels: $0.0000299 and $0.000022.
- Resistance Levels: $0.000045 and $0.000055.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
