Shiba Inu (SHIB), a widely followed meme coin in the crypto space, is currently facing increased volatility and selling pressure. Over the last 24 hours, SHIB has posted a 2.10% decline, trading at $0.00001274. Despite the price drop, trading volume surged by nearly 14%, hinting at heightened investor activity.
While this uptick may suggest growing interest, the overall sentiment remains cautious. SHIB has hovered in a tight range with abrupt spikes and dips, suggesting indecisiveness in the market. The price action reflects a mildly bearish outlook with a tilt toward consolidation in the near term.
Key Support and Resistance Levels for SHIB
Technical analysis shows several significant levels shaping SHIB’s short-term movement. On the resistance side, $0.00001304 stands as the most immediate ceiling.
This level was tested earlier but failed to hold under sustained buying pressure. Just below that, the $0.00001295 to $0.00001298 zone has acted as a mid-range resistance. Sellers have consistently entered at these levels, pushing prices lower.
Source: CoinMarketCap
On the support side, SHIB has found a short-term base between $0.00001267 and $0.00001270. This area has been tested multiple times during intraday sessions.
A more critical support sits at $0.00001260, which combines both psychological and technical strength. Additionally, $0.00001255 marks the lowest intraday dip, signaling a major bottom if downward pressure continues.
Burn Rate and Supply Metrics Provide Mixed Signals
Interestingly, SHIB’s tokenomics offer a somewhat contrasting picture to the recent price action. The burn rate for SHIB saw a 4.19% uptick that led to the destruction of nearly 19 million tokens. In total, over 410 trillion tokens have been burned, significantly reducing the initial supply.
Source: Shibburn
This consistent burn activity helps create scarcity, which may support long-term value. SHIB’s total supply now stands at around 589 trillion, with about 584 trillion in circulation. Moreover, over 4.7 trillion tokens are staked, reducing active market liquidity.
MACD and RSI Suggest Weak Momentum
SHIB/USD daily price chart, Source: TradingView
From a momentum perspective, SHIB’s MACD indicators hover slightly below neutral. No bullish crossover has occurred, keeping investor optimism subdued. The Relative Strength Index currently reads 37.42, nearing the oversold zone. Although not yet in extreme territory, this suggests weakening momentum with a possible bounce if buying resumes.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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