Amidst the sharp bloodbath in the cryptocurrency market, SHIB price has corrected over 15% and dragged to the $0.00001500 mark. The memecoin witnessed a follow-on selloff and dipped below its key support mark of $0.00002000.
The memecoin sector experienced a harsh selloff, as negative pressures from Mt. Gox’s $9 billion Bitcoin payouts dominated the global crypto market.
The latter is still playing the melody tuning To Bitcoin’s tune, at least on the front of market trends.
Specifically, Shiba Inu (SHIB) was one of the most affected coins during the selloff, as short holders decided to pull out of large-cap meme coins that are considered to have spiking sensitive to market volatility.
At press time, the Shiba Inu was trading at $0.0000154 with an intraday surge of 12.36%, reflecting a rebound on the chart. It has a monthly return ratio of -40.30% and 115.20% yearly, reflecting short-term profit booking.
The pair of SHIB/BTC is at 0.000000000272 BTC, and the market cap is $9.08 Billion. Analysts are neutral and suggest that the SHIB price may recover its gains and
Could Shiba Inu (SHIB) Display a Pullback Ahead?
The recent price decline led the buyers into trouble. However, the previous candlestick was a hammer candle, which signifies the rejection from its bottom. Afterward, a follow-on rise of over 14% in the intraday session conveys the bounce is imminent.
Notably, the SHIB price was traded inside a falling channel and continued to form the lower low swings.
SHIB Price Chart Source: Santiment
The best thing to know is the memecoin lost over 28% in the last four sessions, while it has recovered over 18% in the previous two sessions, reflecting the bulls and bears’ fight to attain dominance.
The Relative Strength Index (RSI) curve dipped to the oversold region near 30 and revealed a bounce can be seen ahead.
Weighted Sentiment and Price Volatility Data Outlook
The Weighted Sentiment Data revealed the decline and dipped below the midline region, noted at -1.307, articulating the negative view among the investors.
Weighted Sentiment Data Source: Santiment
Meanwhile, the price volatility curve rose over 37% to 0.046, highlighting the investors’ eagerness to extend the pullback ahead.
In a post by @shibburn, over 2,051,909 tokens were burned in the last 24 hours, witnessing a decline of over 83.41% in the burn rate.
HOURLY SHIB UPDATE$SHIB Price: $0.00001534 (1hr 1.76% ▲ | 24hr 15.03% ▲ )
— Shibburn (@shibburn) July 6, 2024
Market Cap: $9,044,152,978 (14.48% ▲)
Total Supply: 589,272,559,778,836
TOKENS BURNT
Past 24Hrs: 2,051,909 (-83.41% ▼)
Past 7 Days: 346,673,408 (315.79% ▲)
Source: X
@Yet 10, in his post, mentioned that SHIB has formed a bullish flag pattern and could blast soon.
Yüklenin Kartallar kırdı @shiba #shiba $shiba pic.twitter.com/OFUZHRHKaZ
— YET10 (@NetAnalist) March 9, 2024
Source: X
Ranked at 14 in terms of market cap, the memecoin has a total supply value of 999.98 trillion and has a fully diluted market cap of $15.41 billion.
Until the memecoin did not retain the $0.00001720 mark, it continued to bleed gains, while above the mentioned mark, recovery would be seen ahead.
Futures Open Interest Data Overview
Open Interest Data Source: CoinGlass
The Futures data witnessed fresh longs added in the last few hours. The open interest data rose over 12% to $34.92 Million in the past 24 hours.
The immediate support levels for the Shiba Inu are $0.00001480 and $0.00001350, whereas the key upside hurdle is around $0.00001650, followed by $0.00001780
All In All
The SHIB price declined below the significant moving averages and showed a negative move this week. However, the chart signifies that the memecoin might settle around $0.00001500, showing a dead cat bounce ahead.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
