Bittime - The prices of leading crypto assets such as Ethereum and Bitcoin are currently in turmoil. In the midst of this uncertainty, the fate of the Shiba Inu (SHIB) meme coin is also being questioned. Let's take a closer look at SHIB's recent performance.
Shiba Inu Performance is Down
Source: Bittime
The price of SHIB is indeed dropping. In the last 24 hours alone, its value fell 4% to around IDR 0.33 (equivalent to $0.00002027). This downward trend is also seen on a weekly and monthly basis, amounting to 12.9% and 16.7% respectively.
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As a result, SHIB's market capitalization was also depressed to IDR 202.7 trillion (equivalent to $12.2 billion) and ranked 11th on CoinMarketCap.
Interestingly, SHIB trading activity actually increased. Trading volume in the last 24 hours rose 41.69% to IDR 7.9 trillion (equivalent to $484 million). The SHIB price is now far below its record high which reached IDR 1.44 (equivalent to $0.00008845) on October 28 2021. This means that the price has fallen by 75.46%.
Also read: Can the price of Shiba Inu (SHIB) reach 1 cent per token?
Shiba Inu (SHIB) Technical Analysis Gives a Mixed Picture
Analysts use various indicators to see potential future SHIB price movements. The moving average indicator shows a predominantly downward trend.
Sell signals are seen on short and medium term exponential moving averages (EMA). Only the 200-day EMA is showing a buy signal, indicating a potential long-term price increase.
The Simple Moving Average (SMA) indicators also show a downward trend for the same period, except for the 200-day SMA which gives a buy signal. Meanwhile, SHIB's Relative Strength Index (RSI) is at 35.75, which means its position is neutral, neither overbought nor oversold.
However, the Moving Average Convergence Divergence (MACD) indicator shows a sell signal, which means the price trend has the potential to go down. Fibonacci analysis also describes SHIB's potential price targets. SHIB's pivot point is IDR 0.41 (equivalent to $0.00002512).
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If the price falls, SHIB will get support at the level of IDR 0.34 (equivalent to $0.00002083) and IDR 0.26 (equivalent to $0.00001627). The last support level is IDR 0.121 (equivalent to $0.00000742).
On the other hand, if the SHIB price rises, it will meet resistance at the level of IDR 0.48 (equivalent to $0.00002968) and IDR 0.55 (equivalent to $0.00003397). If you succeed in breaking this level, the next resistance will be IDR 0.7 (equivalent to $0.00004282).
Also read: Shiba Inu Price Analysis: SHIB Rises 300% in a Week
Selling Pressure vs Shiba Inu Recovery Hopes
The latest market data shows downward pressure on prices, but there is also a glimmer of hope for recovery.
- Selling Pressure Increases: Analysts observe a decrease in profitable daily transaction volume on Santiment. This indicates more traders are selling SHIB at a loss, possibly due to panic over further price declines.
- SHIB Supply on Exchanges Increases: The increasing trend of SHIB supply on exchanges indicates increasing selling pressure as investors look to exit their holdings, a bearish signal.
Expectations of SHIB's 'Burn Rate'
On the other hand, there is a glimmer of hope emerging from the increase in SHIB's burn rate. 'Burn rate' is the term for the process of destroying SHIB tokens. SHIB's 'burn rate' recently surged over 800%, with 107 million coins burned.
This significant reduction in supply sparked market optimism. Additionally, increasing adoption of SHIB, such as its use in payments for web- based food delivery services3 , is also driving positive sentiment.
Conclusion: Will SHIB Rise?
SHIBUSD technical indicators paint a mixed but cautiously optimistic picture. Although short- and medium-term moving averages indicate a downtrend, long-term indicators and some oscillators suggest a potential recovery.
Increasing burn rates and increasing adoption also support optimism for SHIB's future.
However, investors will need to closely monitor key support and resistance levels determined by Fibonacci retracements to assess the intensity and duration of any price movement in June.
The market's attitude towards the speed of use of funds and the rate at which assets are received will also be key. This will determine whether Shiba Inu can recover from its current downward trend and recover in the next few weeks.
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Ultimately, the decision to invest in SHIB or not is the responsibility of each individual. Investors should do their own research and consider their risk tolerance before making any investment decisions.
How to Buy Shiba Inu (SHIB) on Bittime
You can buy and sell Shiba Inu (SHIB) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Shiba Inu (SHIB) is available on Bittime with the market pair SHIB/USDT. To be able to buy SHIB USDT on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Shiba Inu (SHIB) on Bittime.
Monitor price chart movements of Shiba Inu (SHIB), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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