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Shiba Inu (SHIB) has recently faced significant downward pressure, reflecting larger trends in the crypto space. SHIB is currently trading at $0.00001822 as per the latest data which implies a 4.68% drop over the last 24 hours. The trading volume is at $384,929,498 pointing out that there has been substantial market activity even as it fell recently. This price action confirms the pattern where leading cryptocurrencies have become more volatile lately.
Trading below its 10-day, 50-day, 100-day, and 200-day SMAs shows Shiba Inu is in a strong bearish trend for now. At present, 10-day SMA at $0.00001948 stands as an immediate resistance level to be broken before signaling any short-term recovery that could prove sustainable if supported by considerable buying volumes.
The 50-day SMA, currently positioned at $0.00001967; 100-day SMA at $0.00002194; and the 200-day SMA at $0.00002194 serve as long-term resistance points requiring substantial changes in market sentiment to overcome them.
SHIB’s Relative Strength Index is now standing at 52.06 marking a neutral stance with slight inclination to increasing selling pressures.
The MACD line below the signal line indicates decreasing momentum for buyer trades. Henceforth if market conditions do not change, this bearish crossover suggests that we may see further decline in recent times..
This week Shiba Inu (SHIB) showed an impressive recovery, peaking at $0.00002 on July 16th, which was the highest point in about a month. Nonetheless, a further drop was anticipated by traders, and so it occurred today when SHIB’s price corrected to $0.00001856.
During the last 24 hours, the daily trading volume of Shiba Inu has fallen by 27% to reach $459 million now. This significant drop in trade volumes implies that market participation is low and liquidity has decreased, causing prices to swing more violently while highlighting the likelihood of big deals having an outsized impact on SHIB.
According to data from Santiment, whale transactions have surged by 121%, these are transactions worth at least $100K of SHIB tokens. The increased whale activity may indicate possible price manipulation leading to increased levels of volatility.
As per data from the market intelligence platform SHIB’s total open interest fell from $59.6 million to $57.1 million in just one day telling us how traders are closing positions due to heightened uncertainty and market volatility. Shiba Inu records that all aggregated funding rates have dropped below zero currently at negative 0.003%. Thus shorts outnumber longs contributing to a bearish sentiment.
Last week’s gains could have caused massive liquidations amounting upto about $2.5m for Shiba Inu as per Coinglass data. Thus, this high liquidation volume confirms that most traders were forced into closing their positions, thus adding pressure on downward movement of SHIB prices.
The immediate support level for Shiba Inu is at $0.0000181.The next significant support zone would be around $0.00001757 if it does not hold above this level. Coincidentally; its immediate resistance level is situated at$0.00001948 too .
There is another resistance above this, and if it is broken through, it could be an indication that there might be a recovery. To continue any upward movement, though, it will take significant buying momentum.
