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- 1 The Shiba Inu coin price has taken support on the 100 day EMA.
- 2 Buyers are decisively holding the gains and eyeing to cross $0.00002500.
SHIB has slipped to the 100 day EMA mark, displaying retracement in the past few sessions. The chart displays a falling parallel channel as the memecoin took support on the upward trendline support mark of $0.00002000. The trend is neutral and the memecoin will retain strength and may pick momentum soon. Despite the market bearishness, the Shiba Inu coin price has dragged only by 28% this month and remained near the mid bollinger band support zone.
At press time, the Shiba Inu coin (SHIB) price traded at $0.00002302 with an intraday drop of 0.40%, reflecting neutrality on the charts. It has a monthly return ratio of -17.80% and 116.25% yearly. The pair of SHIB/BTC is at 0.000000000362 BTC, and the market cap is $13.57 Billion. Analysts are neutral and suggest that the Shiba Inu coin may retain momentum and will spark bullishness soon.
SHIB Price Volume Profile Analysis On Daily Chart
The chart displays the price to volume profile of the Shiba Inu coin replicating the retracement movement in the last sessions. The trend is neutral and the memecoin has retested its bottom support zone of $0.00002000 and is ready to deliver a reversal. The intraday trading volume dropped over 33.28% to $499.60 Million.
Price Volatility and Weighted Sentiment Outlook
Amidst the minimal price fluctuations, the token displays a spike in the price volatility curve over 2.90% to 0.018. Similarly, the weighted sentiment looks positive and stayed close to the midline around 0.148.
Social Dominance and X Followers Overview
The Social Dominance data noted average movements and stayed below the midline region. The data witnessed a jump over 2.40% to 0.917%, noting an increase in the discussion reports. Similarly, the Twitter follower’s data replicated a bounce and surged over 46.89% to 1865.
Total Open Interest and Holders Data Insights
The total amount of holders data showcased an incremental move and reached the cliff around 1.4 million. However, the derivative data signifies short covering, the open interest fell over 2.10% to $14.14 Million.
Per the Fib levels, the Shiba Inu price has slipped to its 38.2% zone and reached the mid bollinger band support trajectory. However, the RSI curve stayed below the midline around 38, and a convergence of the RSI line with the signal line was noted on the charts.
The total supply of the Shiba Inu coin is 999.98 trillion, whereas the volume-to-market cap ratio is 0.0368, and it is ranked 12 in terms of market cap in the global crypto market.
Summary
The Shiba Inu price has taken support on the trendline around $0.00002100 and is looking for a rebound. Based on the price action, the correction has come to an end and buyers are starting to accumulate, resulting in consolidation price movements.
Technical Levels
Support Levels: $0.00002100 and $0.00002000
Resistance Levels: $0.00002500 and $0.00002800
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.
