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- 1 The memecoin noted a retracement move and has retested the 20-Day EMA mark.
- 2 SHIB price is anticipating a correction and may continue to decline.
The Shiba Inu coin (SHIB) price witnessed a long rejection candlestick from the resistance mark of $0.00004000 and eroded over 45% of gains this month. After a much awaited range breakout above the neckline barrier of $0.00001000, SHIB price contributed a notable surge of over 280% in the past weeks. However, the price action showcased a retracement amid a neutral trend. Additionally, the SHIB price is trading close to the 20-Day EMA support mark and may attain a rebound soon.
At press time, the Shiba Inu (SHIB) price was trading at $0.0002712 with an intraday drop of 0.71%, reflecting neutrality on the charts. It has a monthly return ratio of 177.90% and 156.20% on a yearly basis. The pair of SHIB/BTC is at 0.000000000420 BTC, and the market cap is $15.97 Billion. Analysts are neutral and suggest the SHIB price may attain a rebound and will continue to resume the bull rally.
SHIB Price To Volume Profile Delivers Profit Booking Outlook
The price chart showcases a profit booking scenario and SHIB price has reverted from the supply region of $0.00004000 and has retested the 20-Day EMA mark. However, the trend is neutral and the technicals are suggesting a possible rebound toward the $0.00003000 mark. Additionally, the trading volume showcased a decline of over 16% to $1.76 Billion, revealing low investor interest.
Price Volatility And Sentiment Analysis
Amidst the price retracement, the volatility curve remained steady and is around the midline of 0.033 displaying a decline in investor interest. Additionally, the weighted sentiment stayed in the negative territory and the value stands near -0.076. However, the trend is neutral and the memecoin may continue to deliver the bullish waves soon.
Social Dominance and Twitter Followers Outlook
The above data shows that the social dominance value noted a drop and stayed around 0.94%, whereas the X followers data noted a consistent rise and the value spiked to 3.86 million. However, the total amount of holders was noted at around 1.38 million reflecting stability.
What Does Open Interest and Active Deposit Data Suggest?
Open interest noted a decline of over 3.15%, signifying the long unwinding data which reflects price retracement in the last few trading sessions. Additionally, the active addresses value is noted at around 51.7k, whereas the active deposit data noted a drop of over 78% to 774. The total supply of the SHIB coin is 999.98 trillion and the volume to market cap ratio is 0.110.
Summary
The SHIB price showcased a slow & steady retracement move and has retested the 20-Day EMA mark in the last session. Moreover, the trend is neutral and buyers are attempting for a pullback to retain the upside of $0.00004000 to reach the blue sky zone.
Technical Levels
Support Levels: $0.00002500 and $0.00002200
Resistance Levels: $0.00003000 and $0.00003200
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
