- The Shiba Inu crypto price is following a bullish momentum and the price is consistently rising.
- The SHIB crypto is witnessing a decline in its trading volume.
Shiba Inu is a meme-based cryptocurrency that runs on Ethereum. It has a large community and a diverse ecosystem of tokens, applications, and games. Shiba Inu is a parody of Dogecoin, but also a serious project with governance and utility.
The market cap ranking of the Shiba Inu token, as per Coingecko, is #18 and the market cap value of the crypto is $6.08 Billion.
The trading volume of the crypto is trading flat with a slight decline of 2.05%, while the market cap of the crypto has increased by 8.8% in the last 24 hours.
The market cap dominance of Shiba Inu is 0.323% and the volume/market cap ratio of the crypto is 0.0506. Moreover, the circulating supply of the crypto is 589.29 Trillion SHIB and the total supply is 589.53 Trillion.
However, the max supply of the SHIB crypto is undefined and the fully diluted market cap of the crypto is $6.11 Billion. Additionally, the trading price of SHIB has risen by more than 18.351M % from its all-time low.
Shiba Inu Crypto Derivatives Analysis
The open interest of the Shiba Inu crypto has increased by 25.2% in the last 24 hours, resulting in a value of $16.45 Million. The derivatives volume of the crypto has declined by 27% and the long/short ratio of the crypto is 1.7755.
The recorded long liquidation for the Shiba Inu crypto is $132.96K against the short liquidation of $102.62K. This shows that the sellers have dominated over the price in the last 24 hours.
SHIB Crypto Technical Analysis
The decline in the SHIB crypto price led to the formation of the descending triangle pattern on the weekly charts. The price of the crypto further broke above the triangle pattern.
After a breakout, the SHIB crypto price faced resistance at the previous swing high level and since then, the price has been unable to break above the same swing high.
If the price of the crypto breaks above the last swing high, we might see a continuation in the uptrend of the price and we can view the highs of the triangle pattern as the target price.
SHIB/USD Chart by TradingView
The 50-day and the 200-day EMAs are forming a golden cross and the price of the SHIB crypto has completed the retracement by hitting the 200-day EMA. The price of the crypto has formed a bullish candlestick pattern, indicating continuation in the uptrend of the price.
The MACD indicator, on the other hand, is indicating uncertainty as the MACD and the signal lines have declined below the zero level. Thus, one must wait for the MACD to reverse and form a bullish cross on the chart.
Conclusion
Shiba Inu is a rising star in the crypto space, with a loyal community and a vibrant ecosystem. Shiba Inu has broken out of a bearish pattern and is poised to hit new highs. Shiba Inu has a strong technical outlook, with a golden cross and a bullish candle. Therefore, we might get to see higher levels in the SHIB crypto price in the future.
Technical Levels
Support Levels: $0.0000060 and $0.00000750
Resistance levels: $0.00001700 and $0.00002680
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.