Shiba Inu Coin, a popular meme coin, has been displaying a notable uptick in its market value, although it has registered a marginal dip in the past 24 hours. Currently, the coin is trading at $0.00002748, showcasing a modest decline of 3.42% within a single day.
Despite this slight fluctuation, the digital currency’s market capitalization holds strong at $16.19 billion, positioning it as the 12th largest cryptocurrency by market cap.
The 24-hour trading volume of Shiba Inu stands at approximately $530.4 million, indicating a substantial 18.64% increase, which reflects the growing trader interest in this asset. This activity accounts for 3.28% of the market cap, an important indicator of liquidity in the market. The circulating supply of the coin is vast, with 589.29 trillion SHIB in circulation.
In recent hours, the cryptocurrency Shiba Inu has exhibited remarkable volatility. It initially plummeted to a low of $0.000026934, which currently acts as a support level. This activity underscores the volatile and unpredictable nature of the crypto market, with Shiba Inu enthusiasts and investors keeping a close eye on these swift changes.
Throughout the last week, SHIB managed a slight uptick, enhancing its value by over 2% and fluctuating between $0.000028 and $0.000025. The past month, however, has been less favorable for the meme coin, showing a 20% decrease following a retraction from $0.000035, indicating a bearish momentum.
SHIB Analysis: Whale Activity Dwindles
SHIB’s recent metrics indicate a noticeable decline in substantial transaction volumes, often linked to the maneuvers of whales. This pattern frequently heralds increased market volatility or a potential downturn in SHIB’s valuation, stirring debate regarding its imminent market trajectory.
Significant trades, typically executed by whales, reflect a robust market confidence and possess the capacity to influence SHIB’s pricing markedly. The current reduction of such transactions signals a possible wane in whale interest in SHIB, spawning concerns about the cryptocurrency’s prospective financial journey.
Yet, the recent uptick suggests a shift in market sentiment towards optimism, hinting at a potential reversal of the recent downward trend.
Shiba Inu Coin now faces a critical resistance level at $0.000028. Overcoming this barrier could propel its value towards $0.00003 and may even set the stage for reaching the sought-after $0.000035 level.
On the flip side, if bears mount more pressure, it could bring its price down to a support level of $0.000027. A further dip in market sentiment could push SHIB down to $0.000025, and a fall below this threshold could plummet its value to $0.000009, indicating challenging times ahead.
SHIB price chart, Source: Tradingview
The 24-hour technical indicators for Shiba Inu against the US dollar suggest a cautious market sentiment. The Bollinger Bands’ 20-day Simple Moving Average closed at 0.000002845, while the upper and lower bands stand at 0.00000318 and 0.000002511, respectively.
These figures highlight a narrow trading range, indicating subdued volatility in the short term. The Relative Strength Index (RSI) is currently at 47.43, revealing a neutral position without hinting towards an overbought or oversold market.
