- The trading volume of the SHIB crypto has witnessed consistent decline in the last 24 hours.
- Shiba Inu is built on the Ethereum platform and follows the ERC20 hashing algorithm.
Shiba Inu (SHIB) is a community-driven cryptocurrency that mimics Dogecoin (DOGE) but runs on Ethereum. It has three tokens: SHIB, LEASH and BONE, each with different functions and supplies. It also has a DEX, NFTs, a Metaverse, games, and a DAO.
Shiba Inu has a volume/market cap ratio of 0.0484% and holds a market cap rank of #18, as per Coingecko. The current market cap of SHIB is $5.695 Billion, witnessing a decline of -0.32% in the last 24 hours.
The circulating supply of the SHIB coin is 589.35 Trillion SHIB and its max supply is not defined. This cryptocurrency’s diluted market cap is $5.7 Billion. In the last 30 days, the SHIB token has given a return of 7.2%, as per Coingecko.
Shiba Inu Crypto Derivatives Analysis
In the last 24 hours, the SHIB token has witnessed a heavy long liquidation of $258.67K against a short liquidation of $19.28K. The derivatives trading volume of the crypto has further declined by 44.65% along with a decline of 12.75% in open interest. The derivatives traded volume of the crypto for the last 24 hours is $71.85 Million.
SHIB Crypto Technical Analysis
The SHIB crypto price witnessed a consistent decline which led to lower highs. This further led to the formation of the triangle pattern. The price has recently broken above the same pattern, indicating bullish momentum in the market.
After the breakout, the SHIB crypto has formed an inside candle pattern on the weekly chart. It also has an important resistance level at the same level. Thus, if the price breaks above the inside candle highs, we might get to see higher levels in the future.
SHIB/USD Chart by TradingView
The trading price of the SHIB crypto has broken above the 50-day and the 200-day EMAs. This behavior in price has led to the formation of the golden cross pattern. This shows that a fresh uptrend has started and the price might rise to higher levels in the future.
The RSI has also broken above the overbought zones and is currently at a level of 58.73. This behavior of the indicator shows that the trend of the crypto is bullish and the price might continue to rise to higher levels in the future.
Conclusion
Shiba Inu (SHIB) is a popular cryptocurrency that has broken above a crucial resistance level and formed a bullish pattern. The price is supported by strong factors, such as a DEX, NFTs, a Metaverse, games and a DAO. The technical indicators suggest that SHIB is in a strong uptrend and has the potential to reach higher targets in the future.
Technical Levels:
- Support levels: $0.00000604 and $0.00000750
- Resistance levels: $0.0000176 and $0.00002680
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.