• 15 June, 2024
Market News News

Bears Grip Shiba Inu (SHIB) Amid High Burn Rate and Low Volatility

Shiba Inu (SHIB) meme coin is currently facing bearish market trends, with technical indicators showing potential market shifts ahead. The meme token, at the time of publication, was trading at $0.00002188, and has seen market activity with a daily volume of $586,336,477. 

However, the price remains below its 100-day Exponential Moving Average (EMA) at $0.0000223, signaling a continued downtrend. The Bollinger Bands (BB) have tightened, suggesting an imminent significant price movement. The Relative Strength Index (RSI) is at 37.83, nearing the oversold threshold.

SHIB’s market cap stands at $13,075,235,127, classifying it as a major crypto token. The initial supply was 410,726,546,023,229 SHIB, but significant burns have reduced the total supply to 589,273,453,976,770 SHIB according to data from Shibburn, SHIB’s data tracker. 

The circulating supply is 583,179,957,205,662 SHIB, with 6,093,496,771,107 SHIB staked. The burn rate is currently at a high 266.94%, indicating aggressive efforts to reduce supply and potentially increase price.

Coinbase and Robinhood Move 9.6 Trillion Shiba Inu Amid Market Crash

The MACD line is below the signal line, both under the zero mark, indicating bearish momentum. However, the narrowing gap between the MACD and signal line suggests a potential weakening of this downward trend. 

SHIB/USDT price chart Source: TradingView

The RSI’s proximity to the oversold region could indicate a possible price reversal if it dips below 30 and climbs back. This potential reversal would need confirmation from other indicators, such as a bullish MACD crossover or a price move above the 100-day EMA.

The market outlook for SHIB remains bearish, but traders should watch for breakout signals from the Bollinger Bands and RSI movements. The significant burn rate and staked SHIB may also impact supply and price dynamics. These Shiba Inu indicators show the potential of market shifts and potential price reversals.

Injective (INJ) Breakout Signals Bullish Trend, Analysts Predict Major Gains Read Previous

Injective (INJ) Breakout Signals Bullish Trend, Analysts Predict Major Gains

Dormant Bitcoin Whale Transfers 8,000 BTC After Half a Decade Read Next

Dormant Bitcoin Whale Transfers 8,000 BTC After Half a Decade