- The trading volume of the Shiba Inu is trading flat.
- The Shiba Inu has medium liquidity based on its market cap.
Shiba Inu (SHIB) is a meme-based cryptocurrency that runs on Ethereum. It was created by an anonymous person named Ryoshi in 2020. It has three tokens: SHIB, LEASH, and BONE. It also has a decentralized exchange, NFTs, a Metaverse, games, and a DAO. It is a community-driven project.
The Shiba Inu has a high inflation rate of 7.33% and the market cap dominance of the crypto is 0.33%. The volatility of the crypto is also high resulting in 5.67% and the crypto was released on August 10th, 2020.
The circulating supply of the crypto is 589.29 Trillion SHIB which is equal to its total supply. Despite this, the max supply of the crypto is 589.74 Trillion and the current market cap ranking of the crypto is #19.
The market cap of the crypto has advanced by 0.15% in the last 24 hours and the market cap value of the Shiba Inu is $5.33 Billion. Also, the volume/market cap ratio of the crypto is 1.53% and the tarded volume value for the crypto is $80.43 Million in the last 24 hours.
Shiba Inu Derivatives Analysis
The open interest of the SHIB crypto has declined by 2.5% in the last 24 hours with an advance of 2.17% in the derivatives trading volume of the crypto. Moreover, the long/short ratio for the Shiba Inu crypto is 1.7739.
With an advance of 0.10% in the trading price, the Shiba Inu crypto has witnessed a long liquidation of $6.64. Additionally, the recorded short liquidation for the crypto as per Coinglass is worth $21.71K.
SHIB Crypto Technical Analysis
The SHIB was following a strong downtrend for a long time which led to the formation of the descending triangle pattern. The crypto price further broke out above the pattern for a few weeks, indicating the possibility of a huge surge in price.
Despite the breakout, the price of the crypto failed to advance to higher levels and started to witness profit booking after the breakout.
Moreover, if the price of the SHIB crypto further breaks above the previous swing high of $0.000001200, we might witness further advances in the crypto price to higher levels.
SHIB/USD Chart by TradingView
The indicators are giving a bearish signal on the daily chart while there is also the possibility of a reversal in the trend if the price rebounds in the future.
The 50-Day and the 200-Day EMA are trading in a golden cross on the chart while the price of the crypto has declined below the 50-Day EMA and is currently trading at the 200-Day EMA level.
The signal line is trading above the MACD line below the zero level which indicates the weakness in SHIB crypto price. Despite this, the histograms on the chart do not signify any trend as they are fading out.
The RSI is trading at a level of 43.02 and the 14-Day SMA is also trading at the same level. The RSI as is sustaining below the 50-level indicates weakness in the crypto price but is also following a bullish cycle as it has not hit the oversold zones.
Summary
The SHIB crypto price has been in a downtrend and broke out of a descending triangle, but failed to sustain the momentum. The derivatives and technical analysis show mixed signals and uncertainty for the future of SHIB.
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.