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The Shiba Inu (SHIB) price has seen a slight increase to $0.00001374, which is 2.39% more than the previous day’s rate. This price change corresponds with the overall market cap rise of 2.39%. However, despite this price gain, the trading volume has plummeted by 53.31%, indicating possible consolidation following recent price movements.
A drop in trading volume may mean that there is waning interest from traders or it is a period of consolidation going on right now. In the meantime, SHIB prices moved within a tight range and fell to lows of $0.00001348 before recovering. It should be noted that these peaks and valleys are characteristic for volatile cryptocurrencies like SHIB that are influenced by market sentiment as well as news developments.
Technical indicators show that there was resistance around $0.0000138 and support near $0.00001348 for the price movement so far. A close above this level could hint at strength towards higher levels.
At the same time, on-chain data indicates that SHIB may be set to rise by 40%, following new network accounts surging to record highs. This high adoption rate normally points to euphoria in the market as more and more people join the chain. New account creation on Shibarium Scan has been on the rise, meaning more and more people are joining the Shiba Inu network.
Technical analysis suggests a possible double-bottom pattern forming at the lower end of SHIB’s price chart.This type of pattern typically signals a bullish reversal, which would indicate that if confirmed, SHIB could see substantial growth.Currently priced in a falling channel, SHIB signals continued bearishness.However, recent dips below this line indicate the potential for a short-term rally.
Immediate resistances are seen at 50-day EMA ($0.00001718) and 200 EMA ($0.00001855), with the latter being more significant due to its long term importance. On the downside, the lower channel boundary around $0.000011 stands as a pivotal support level. Below this price point, corroborated by past consolidation levels is $0.000008.
With an RSI of 31.47, SHIB appears to be underpriced in the short run as it falls within the oversold region.The Chaikin Money Flow (CMF) reveals a slight positive money flow at 0.07 which suggests that buying interest has started accumulating.
Recently, the memecoin market bounced back majorly led by Shiba Inu.Shiba Inu’s price rose about 20% yesterday which was accompanied by increased transaction volume and burn rate. According to IntoTheBlock data, over the last 36 hours aggregated SHIB daily trading volumes have surged by more than five times and burnt tokens rose by more than twelve times, amounting to approximately 2.7 million shib.
This increase in burn rate although minimal in terms of dollars is aimed at reducing the vast circulating supply which is one of the main driving forces behind price appreciation.In July alone, SHIB team destroyed almost 380 million tokens through burning done in a total of 178 transactions and already sent about 41% of total tokens to a null address.
At present time analysts see this as an attractive accumulation zone for prices moving forward and there are expectations that significant uptrend may follow. This low range has been adopted as best entry-level recently meaning that SHIB might experience substantial growth going forward and a massive FOMO frenzy that will propel Shiba Inu to unprecedented heights at $0.001.
