Shiba Inu (SHIB), a popular meme coin, has recently displayed a notable price recovery. After a brief consolidation period within a bullish flag pattern, SHIB’s value plummeted by 37% towards a crucial support level. This level is vital for investors deciding between a breakout and further declines.
SHIB rallied more than 20%, signalling an upswing as bullish momentum appeared to return. Despite a minor correction, this upward trend suggests that the bulls still have the energy for more gains. A significant development in the SHIB ecosystem is the recent incineration of $2.9 million worth of SHIB tokens, reported by Shibburn Tracker. This action likely fosters bullish sentiment among investors.
Additionally, data shows that 64.32% of SHIB holders are currently “in the money,” meaning they possess tokens valued above the market price. This indicates strong holder confidence, which may act as a buffer against selling pressures. As noted by Coinglass, volatility remains high, with SHIB at a current rate of 73%. The combination of recent price surges, token burns, and a robust holder base suggests an optimistic outlook for the coin’s continued bullish trajectory.
SHIB Faces New Low Amid Market Dip: Potential Rally Ahead?Over the past week, Shiba Inu has experienced a significant decline of 16.51%, aligning with a broader downturn in global cryptocurrency markets. This recent price movement is captured in the week’s trading data, which shows a fluctuating trend. The cryptocurrency’s value dipped to a weekly low of $0.000011 before a partial recovery.
Despite the market recovery, Shiba Inu saw a slight decline today, trading at $0.00001363 at press time, marking a decrease of 1.66% over the past 24 hours. The coin’s market capitalisation is approximately $8.03 billion, positioning it as the 13th largest cryptocurrency by market cap. The trading volume has dipped by nearly 60%, reaching about $345.59 million within the same period.
The Relative Strength Index (RSI), settled at 48, signals a trend towards the neutral territory, suggesting potential buying opportunities if the trend reverses. The Chaikin Money Flow (CMF) indicator, currently at 0.06, points towards a balance in buying and selling pressure, indicating a stable market environment without strong directional bias.
