Shiba Inu (SHIB) has garnered significant attention, experiencing both remarkable surges and sudden downturns. A recent 40% drop in value has brought to light the inherent volatility within the cryptocurrency market, particularly among assets like SHIB, which have seen explosive growth in popularity.
Technical analysis of the SHIB chart illustrates downward retracement following a break below $0.000032 Following a peak, SHIB encountered a sharp decline, breaching several local support levels.
Currently, the token has found temporary support around the $0.00002789 mark, coinciding with the lower Bollinger Bands on the daily chart. However, resistance is now forming at the $0.000032 mark, presenting a challenge for bullish investors aiming to reignite upward momentum.
The Relative Strength Index (RSI) has dropped significantly, nearing oversold conditions. This indicator suggests that selling pressure may be nearing its peak, potentially signaling an impending price reversal if buying interest resurfaces.
The live Shiba Inu price, at the time of reporting, stands at $0.000028 USD, with a 24-hour trading volume of $1,321,196,912 USD. The token is down by 3.62% over the last 24 hours. Despite this recent dip, Shiba Inu maintains its position at #11 on CoinMarketCap, boasting a live market cap of $16,419,682,754 USD.
Looking ahead, the key levels to watch include the $0.00002789 support level and the $0.000032 resistance level. A decisive break above resistance could signal renewed bullish momentum, while a failure to hold support may lead to further downside pressure.
According to crypto analyst Javon Marks, Shiba Inu appears to be on the brink of another significant breakout following its recent consolidation phase. Marks predicts a surge in SHIB's value, targeting a price of $0.000081, representing a potential 90% increase from its current levels. Notably, Marks' forecast aligns with previous predictions made in October 2023, underscoring the accuracy of his analysis amidst SHIB's meteoric rise.
The recent surge in SHIB's value, rallying by 280% from $0.00001178 in late February to $0.00004456 in early March, caught many traders off guard. This surge in price was accompanied by a substantial increase in trading volume, with Shiba Inu witnessing the highest volume among meme coins at $31 billion within a single week, as per Kaiko data.
Analyzing on-chain data, there's a notable surge in trading volume, particularly in large transactions exceeding $100,000. IntoTheBlock's large trader flow metric indicates a surge in such transactions, reaching $578.11 million (17.62 trillion SHIB) on March 11th. Over the past 24 hours, large transactions amounted to 9.94 trillion SHIB ($300.55 million), indicating significant activity within the SHIB ecosystem.
Notably, SHIB's recent surge was accompanied by a substantial increase in trading volume, with Kaiko data revealing a staggering $31 billion in trading volume within a single week.
While Shiba Inu's recent plunge underscores the volatility inherent in the cryptocurrency market, technical indicators suggest a potential reversal may be on the horizon. With analysts predicting further upside potential for SHIB,the $0.00002789 level remains the key area to watch.
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