Shiba Inu (SHIB), the popular meme coin, has lately shown a remarkable recovery from a major technical level of 0.5 Fibonacci retracement, as its trading volume over the last 24 hours stands at $952,401,410. SHIB is currently exchanging hands at $0.000017 which represents a slight decline of 0.93% today. This movement is important because it illustrates the strength of SHIB despite uncertainties in wider markets.
Recent Shiba Inu trading sessions have involved different support and resistance levels. A potentially consolidative or even preparatory phase for an upward move looks likely according to SHIB’s recent price action after a strong rebound off the 0.5 Fibonacci retracement zone or area. Broader market direction can be signified by this level quite often together with the sentiment gauge generally indicating the broader market direction and sentiment. If maintained above this point for a period, it may signal strength whereas inability to hold could point to a possible reversal in trend with more room on the downside.
SHIB Consolidates around $0.00001725
The Relative Strength Index (RSI) for SHIB presently stands at 46.50 suggesting neutrality. It implies that neither buying nor selling conditions exist meaning that there is balance in SHIB with either side having chances depending on what influences are present in the market and towards where they lean favorably or otherwise go against them. Furthermore, such steadiness of RSI would indicate potential consolidation within the near term.
Moving Average Convergence Divergence (MACD) is another significant indicator that shows a zero line which means no momentum currently exists as well as a neutral market state around the zero mark not moving up or down showing no momentum due to neutral market condition. Therefore, investors may still decide to stay away from big commitments until other signs reappear.
Broad Market Challenges and External Influences
The effect of the broader market on such meme cryptocurrencies as Shiba Inu cannot be overemphasized. This means that any shift in such factors as macroeconomic mood, regulatory news, or major digital currencies (bitcoin and Ethereum) can affect altcoins like SHIB. Moreover, this has been further affected by the community-focused aspect to SHIB prices as sudden movements may occur due to social media trends or any endorsements from its users.
Shiba Inu is at a crossroads in the short to medium term. Its ability to hold above this critical Fibonacci retracement level will be key. It is therefore a technical indicator for traders besides being a psychological marker for traders that often determines what moves will be next for SHIB’s prices. A break above this level could bring more buyers into the mix and push it towards upper resistance levels while a move below may result in sell-offs challenging lower support points even further downmarket.
The transactional activity of Shiba Inu reached unprecedented levels with about 50t SHIB tokens exchanging hands within 24 hours. This surge pushed the network to its operational edge and is possibly related to the recent WazirX exchange hack that resulted in the loss of trillions of SHIB tokens, among other assets. Following the breach, a hacker rapidly sold off around 5.43tn SHIB for an equivalent of 26,535 ETH which equates to roughly $92 million.
Nevertheless, Wintermute and others played a vital role in stabilizing the market by buying large amounts of SHIB from decentralized exchanges and moving them over to centralized platforms for arbitrage purposes. This strategic intervention helped alleviate some immediate effects on SHIB’s price pointing out a resilient market response towards unforeseen liquidity challenges.
