- The price of the SHIB crypto has been consistently rising for the last 30 days.
- The price of the Shiba Inu memecoin is currently 72% below its all-time high value.
SHIBA INU (SHIB) is a decentralized meme coin created by “Ryoshi” in 2020, gaining popularity due to its cute charm and celebrity endorsements. SHIB operates on ShibaSwap, a proprietary DEX, and aims to be a perpetual decentralized organization with no central leadership, fostering community engagement and widespread adoption as a payment method.
The market cap of the Shiba Inu crypto has advanced by 3.22% in just the last 24 hours, resulting in a market cap ranking of #10. The trading volume of the crypto has further advanced by 19.85%.
The value of the traded volume for the crypto recorded in the last 24 hours is $2.3B. Moreover, the token’s volume/market cap ratio is 11.81%, which indicates a good amount of liquidity.
The circulating supply of the token is relatively high, resulting in 589.29T, whereas the token’s total supply is also the same. Despite the following data, the maximum supply of the token is not defined.
The fully diluted market cap of the crypto is $19.18B. Moreover, the all-time high price hit by the crypto is $0.00008845, and since then, the trading price of the token has declined by 62.3%.
Also, the all-time low price recorded for the token is 0.000008165. The crypto price has given a massive return of more than 40791963%.
Shiba Inu Token Derivatives Data Overview
The derivatives trading volume of the Shiba Inu crypto has advanced by 13.2% following an open interest of $101.65M. The long/short ratio of the token is 0.99535.
The long liquidation for the Shiba Inu is high, resulting in $1.94M, and the short liquidation for the crypto is $1.07B.
Social Dominance Vs Total Amount Of Holders
With a huge rally in the trading price of the crypto, the total number of holders is also slowly advancing. Despite this, the social dominance for crypto is witnessing a decline after a sudden spike in price.
SHIB Crypto Technical Analysis
The SHIB crypto price was trading inside a declining triangle pattern and broke out above the same a few days ago. Following the same, since the breakout, the cryptocurrency’s price has advanced by more than 300% in the last few days.
The following behavior of the crypto price shows solid bullish sentiment. This phenomenon indicates the possibility of further advance in the price.
SHIB/USD Chart by TradingView
The 20, 50, and 200-day EMAs are trading in a golden cross followed by a consistent advance in the trading price of the crypto. The following behavior of the EMAs coordinated by the price indicates a strong uptrend.
The average directional index also supports the uptrend, as it is trading at 59.6. The current level of ADX indicates strength in the existing crypto’s trend.
The MACD indicator also shows a bullish bias as the MACD and the signal line are trading above the zero level, followed by bullish histograms.
Summary
Despite being down 72% from its all-time high, SHIBA INU (SHIB) has shown a consistent uptrend in the past 30 days, with the market cap ranking at #10. Recent technical analysis reveals a breakout from a declining triangle pattern, indicating a strong bullish sentiment and potential for further price appreciation.
Technical Levels:
- Support levels: $0.0000060 and $0.00000750
- Resistance levels: $0.000050 and $0.0000900
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.