- Shiba Inu’s price is encountering resistance around $0.00001400 with potential support found at $0.00001200, following a recent network upgrade that has significantly increased burn rates.
- Despite the price struggle, there’s a notable anticipation of a 17% decline before a potential rebound impacts the Shiba Inu coin price.
- Interestingly, 65% of investors are optimistic that SHIB’s price may rise, with SHIB Futures data showing a closing of shorts in profit.
An in-depth analysis of Shiba Inu’s current market position, investor sentiment, and potential future movements. Learn how recent developments may impact this popular cryptocurrency’s price trajectory.
Shiba Inu’s Price Struggle and Recent Network Upgrade
Shiba Inu’s price is currently under substantial pressure, facing resistance around the $0.00001400 mark while finding support around $0.00001200. The recent network upgrade, which increased the burn rate, has been seen as a potential game-changer for SHIB’s market dynamics.
Shiba Inu Price Approaches $0.000012 Support
In the past 24 hours, SHIB’s price has declined by 4%, now trading at $0.00001368. Meanwhile, the trading volume has spiked by 41.2%, indicating heightened selling pressure. These market movements come in the wake of the Shibarium upgrade over the weekend, which saw the Shiba Inu burn rate soar by over 38,000,000% as of August 11, exhibiting renewed investor optimism.
Technical Analysis: Key Resistance and Support Levels
The technical indicators reveal that Shiba Inu remains in a pronounced downtrend, confirmed by lower highs and lower lows. The price is currently under both the 50-day and 200-day exponential moving averages (EMAs), reinforcing the bearish market sentiment. The 50-day EMA, located at $0.00001401, and the 200-day EMA at $0.00001575, serve as the critical resistance levels. Conversely, the current support is identified around $0.00001340, with the next significant level at $0.00001250 if the immediate support fails.
Indicators Pointing to Sustained Sell Pressure
The Relative Strength Index (RSI) stands at 41.19, nearing oversold territory, suggesting a potential bounce if it dips further. Additionally, the Chaikin Money Flow (CMF) is at -0.17, which signifies increasing sell pressure. The price breakdown from a rising wedge pattern further indicates a possible decline, potentially targeting the $0.00001250 level.
Investor Sentiment and Future Outlook
Data from Coinalyze shows that 64.18% of market participants are long on SHIB, suggesting a bullish sentiment despite current price struggles. According to IntoTheBlock, if SHIB’s price ascends over $0.000016, approximately $6.7 billion worth of SHIB currently underwater could become profitable. Additionally, Messari Research indicates a Sharpe ratio of 2.98 for SHIB, implying that the reward for holding SHIB outweighs the risk involved, which bodes well for potential price appreciation.
Conclusion
In summary, Shiba Inu’s price is grappling with resistance and support challenges while benefiting from heightened burn rates post the recent Shibarium upgrade. While technical indicators suggest a bearish outlook, the underlying investor sentiment and favorable risk-reward metrics offer a glimmer of hope for a potential bullish reversal. Investors are keenly watching the $0.00001200 support level, as holding above this could set the stage for a recovery towards the $0.00001900 target.
