- Shiba Inu (SHIB) is currently trading at $0.0000074.
- This token’s price has declined by over 33% in one year.
- Shiba Inu’s OI is $13.7 Million, which has declined by almost 6% in today’s market session.
Shiba Inu (SHIB) is a meme-based token that originated as a lighthearted cryptocurrency and has since evolved into a decentralized ecosystem. In its early stages, half of the token supply was allocated to Vitalik Buterin’s Ethereum wallet.
The current trend data for Shiba Inu (SHIB) suggests a significant downward trajectory. After reaching its peak at $0.00008616 in October 2021, SHIB has experienced a substantial decline of -91.39% in value. While it briefly found support at $0.0000064 and showed a brief upward movement. This upward momentum was short-lived and the price resumed its decline.
Currently, Shiba Inu (SHIB) is hovering around the $0.00000634 support level, with multiple unsuccessful attempts to break through resistance. The overall momentum remains bearish and a descending triangle pattern has formed. It indicates the possibility of further price drops in the short term.
A potential sign of an upcoming upswing would be if the price manages to break above the $0.0000115 range. However, it is advisable to refrain from taking long positions on Shiba Inu (SHIB) until such a breakout occurs.
In today’s market session, the Open Interest (OI) for SHIB stands at $13.7 million, reflecting a 6.3% decrease. It suggests that sellers are actively establishing new positions.
Technical Analysis of the SHIB Coin (1D Daily Timeframe)
aa by writer50_tcr on TradingView.com
Indicators Overview
Currently, the price of Shiba Inu (SHIB) is trading below the 100-200 day EMA line on the weekly timeframe. It is considered a negative signal. The SHIB token has been in a persistent downward trend.
The MACD line is currently situated below the signal line on the weekly timeframe, indicating a bearish trend. The presence of red histograms further confirms this deteriorating negative trend, suggesting that Shiba’s price may continue to decline.
As for the RSI, its current value on the weekly timeframe is 44.46. The 14-day Simple Moving Average (SMA) line is position below the midpoint line. It is approaching the 43.89 level, indicating a potential continuation of the market’s decline.
In the last 24 hours, Shiba Inu (SHIB) has experienced a decrease in volume. The current trading volume stands at $18.28 million, reflecting an -8.17% decrease. It suggests a waning interest from buyers. There is a possibility of further price decline in the future.
Conclusion
As per the analysis, the weekly technical indicators for Shiba Inu (SHIB) are currently displaying a bearish signal. The token price has experienced a 33% decline over the past year, indicating a weakening overall structure for the coin. Consequently, it suggests that the price is likely to continue its decline in the future.
Technical Levels
Support – $0.00000629.
Resistance – $0.00001176.
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.