Shiba inu

Will Current Support Levels Hold Amidst Sell-Offs?

Shiba Inu Coin, a popular meme coin, experienced a notable drop in its market value over the past 24-hours. At the time of writting, the price of Shiba Inu Coin is currently at $0.00002165, marking a 4.73% decrease in the past 24 hours. The cryptocurrency, inspired by a meme, continues its decline, breaking through key levels of support, indicating a downward trend.meme coin

The meme coin Shiba Inu has experienced a notable dip recently, plummeting by 19% within the last 7 days. Its value has swung from $0.000028 down to $0.000019. This downturn is part of a larger 22% decrease over the past 30-days, indicating a continuing downward trend.

Shiba Inu Coin Price Sees Significant Dip in 24-Hour Trading Period.

The 24-hour trading volume has dipped by 43%, now standing at approximately $614.36 million. This significant drop in trading activity hints at waning interest among investors. Shiba Inu Coin, boasting a market capitalization of $12.77 billion, secures its position as the 11th largest cryptocurrency on CoinMarketCap’s list.

This downward trend is evident in other cryptocurrencies, signaling widespread caution in the market. Today, most of the cryptocurrencies are undergoing a minor correction, with Bitcoin below $63,000 and Ethereum at approximately $3,000. Investors seem wary, likely in anticipation of heightened volatility surrounding the Bitcoin halving event.

The latest update on Shibburn’s data reveals a significant development within the last 24 hours. The SHIB army has executed a remarkable move by transferring tens of millions of SHIB to unspendable blockchain addresses.

A whopping 24,360,186 meme coins have been locked away permanently from the circulating supply. As a result, the burn rate of this meme cryptocurrency has surged by an impressive 25.92%, as per data provided by Shibburn. The two most substantial burn transactions involved 20,000,000 and 4,161,487 SHIB, respectively, effectively consuming nearly all of the SHIB destroyed during this period.

Technical Indicators Signal Downward Trend

The SHIB coin is currently facing a substantial barrier at the $0.000022 mark. If this level is breached, there’s potential for an upward move toward $0.000025, paving the way for a push toward the $0.00003 threshold. 

However, failing to sustain this upward momentum could see support forming around $0.000021. Yet, heightened selling pressure might escalate the risk, causing SHIB to dip further, possibly reaching $0.00002 in the short term.

SHIB/USD daily price chart, Source: Tradingview

 

The 24-hour technical evaluations suggest a downturn for Shiba Inu. The Relative Strength Index (RSI) hovers at a neutral 39.02, edging towards oversold territory, indicating a bearish trend. The Moving Average Convergence Divergence (MACD) predicts a short-term decline. Both the MACD line and the Signal line are situated below the zero mark, signaling a bearish sentiment.

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