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Shiba Inu, a popular meme-based coin, has experienced notable fluctuations over the past 24 hours. The meme coin is currently hovering above the $0.000013 support level, showcasing its typical volatility. At the time of reporting, the Shiba Inu price is trading at $0.00001375 during the U.S. trading hours, slightly increasing by 0.56%.
The 24-hour trading volume has surged 8.85%, indicating increased trader activity and market interest. This movement reflects broader trends in the cryptocurrency market, where Shiba Inu maintains a strong presence. Its market capitalization ranking is 13th, valued at approximately $8.1 billion.
Over the past 24 hours, the Shiba Inu (SHIB) cryptocurrency has experienced significant volatility. Prices dipped to a low of $0.00001353 and reached a high of $0.00001408. The market has seen its ups and downs in the past week, with bullish and bearish forces struggling for dominance.
This reflects an overall decrease of 1% in the value of SHIB. Looking at the broader trend over the past 30 daysh, the cryptocurrency has experienced a notable dip of 18%. However, with the current market recovery, SHIB is likely to regain its lost value and attract renewed interest from investors.
According to Coinglass data, the Shiba Inu (SHIB) derivatives market has displayed mixed signals. The trading volume has declined 5.42%, currently standing at $68.09 million.
In contrast, open interest in SHIB derivatives has surged by 1012%, indicating a growing interest from traders, and is now valued at $26.08 million. These contrasting trends highlight a complex interplay of trader sentiment and market dynamics as investors navigate the cryptocurrency landscape.
At present, Shiba Inu is experiencing a significant resistance at $0.000015 which if crossed may push the price to $0.000016. A further increase can take it towards $0.000017, and this means that it will be bullish for now.
On the other hand, if bearish becomes strong enough then Shiba Inu might test $0.000013 while from per technical perspective, should conditions deteriorate further, then these prices could go down till $0.000011. This kind of movement suggests that a bearish trend may be developing in the markets.
The 4-hour technicals reveal a mixed sentiment among traders in respect to the chart of Shiba Inu . The RSI (Relative Strength Index) is currently located at around forty five thereby oscillating within a neutral region . Thereby promoting buying and selling pressuring equally with none gaining an upper hand yet.
Most of the oscillators on the 4-hour chart show a neutral trend, indicating a lack of clear directional momentum in the short term. However, the moving averages display a strong sell signal, reinforcing the bearish outlook.
Currently, the 20-Exponential Moving Average (20-EMA) is below the 50-Exponential Moving Average (50-EMA), suggesting that in the immediate term, the lower prices are likely to prevail.
The Moving Average Convergence Divergence (MACD) exhibits a bearish crossover. This scenario, where the MACD line crosses below the signal line, suggests a potential decrease in momentum and could forecast a short-term bearish phase for SHIB/USD.
