According to data from CoinGecko, a crypto analytics platform, most of the SHIB market depth is under $1 million on major exchanges such as Binance, Coinbase, Huobi, and OKEx. The report also highlighted that a sell order of $1 million or less could move the SHIB price by 2% immediately.
The low market depth of SHIB reflects its high volatility and speculative nature. SHIB is a token that was created as an Ethereum-based alternative to Dogecoin (DOGE), another meme cryptocurrency that was inspired by a Shiba Inu dog. SHIB has a total supply of 589.3T tokens, making it intentionally abundant and inflationary.
Shiba Inu (SHIB) has shown some positive movement recently, with the price currently at 0.00000755 USD, representing a 0.40% increase. Delving into the token’s price analysis and technical outlook, SHIB exhibits equal possibilities for both bullish and bearish trends.
Shiba Inu’s market depth shows a spread of 2%, indicating a slight price difference between the highest bid and the lowest ask orders. This suggests a relatively balanced market with moderate trading activity. The +2% and -2% depth values show the total volume of buy and sell orders within a 2% price range from the current price. These values help traders understand the potential support and resistance levels in the market.
The 24-hour trading volume for Shiba Inu stands at $104,883,150, reflecting the total value of SHIB tokens traded within the past 24 hours. Higher trading volumes generally indicate increased market activity and liquidity, making buying or selling assets easier without significant price impact.
From a technical standpoint, the Ichimoku cloud indicator with parameters 9, 26, 52, 26 suggests that SHIBUSD is currently in a neutral phase. The price is hovering around the middle of the cloud, indicating a lack of clear direction in the short term. Traders might need to exercise caution until a clearer trend emerges.
Looking at the Moving Average Convergence Divergence (MACD) indicator with settings 12, 26, and 9, the MACD line is currently slightly above the signal line. However, the MACD histogram shows diminishing bullish momentum, indicating a potential weakening of the upward move. Traders should closely monitor the MACD histogram for any signs of a trend reversal.
In terms of support and resistance levels, SHIBUSD has found support around 0.00000751 USD, while resistance is seen near 0.00000766 USD. These levels could serve as reference points for traders to gauge potential entry and exit points.
SHIB investors should be aware of the risks and challenges associated with investing in such a volatile and speculative asset. While SHIB is expected to offer high returns in the short term, it might also suffer from severe losses due to market fluctuations, regulatory uncertainty, technical issues, or competition from other cryptocurrencies. Investors should do their own research and due diligence before investing in any cryptocurrency, especially those that are based on memes or hype.
