- Shiba Inu crypto price has given a breakout from a trendline that has been forming since March 6, 2024.
- Moving averages have shown a strong bullish signal in the current trading phase.
- A decrease of 17.83% has been observed in the SHIB token trading volume in the last 24 hours.
Created in August 2020, Shiba Inu (SHIB) is a decentralized cryptocurrency led by the meme coin community. The cute charm of this meme coin drew crypto enthusiasts, users, and community members. The popularity of Shiba Inu crypto made headlines and tweets from personalities like Elon Musk and Vitalik Buterin.
Subsequently, the doggy-themed meme coin became a worldwide phenomenon and was accepted as a form of payment in various locations.
Shiba Inu May 2024, Performance, Supply Changes, & Valuation
In terms of market capitalization, SHIB crypto ranks under the top 15 most influential cryptocurrencies on the globe. Compared to its peers, Shiba Inu is outperforming the global cryptocurrency market, with an increase of 5.70% in the last 7 days.
However, the meme coin is underperforming compared to the Ethereum ecosystem, which has increased over 12%.
The community behind the meme coin is 76% bullish today. The current circulation supply of the SHIB tokens is at 589 trillion and has a market capitalization of $14.20 Billion.
The crypto is reflecting higher liquidity on popular exchanges like Binance with currency pairs like SHIB/USDT and SHIB/TRY.
Price to Volume & Social Dominance Analysis
The social upsurge of tweets had a noticeable change after February 27, 2024. The social buzz covered over 3.5% dominance across social media platforms. It reflected a positive impact on trading volume and price.
Social sentiments, crypto price, and trading volume reflect correlation, meaning the social tweets on various platforms highly influence the meme coin. The current social buzz covers 0.993% dominance in the world.
Technical Analysis Of Shiba Inu (SHIB/USD)
The current price is moving between the key exponential moving average, indicating an uncertain trend in technical terms. If the SHIB price rebounds the 50-day EMA with a strong bullish move, the continuation of the bullish trend can be expected.
SHIB price witnessed a strong resistance from the $0.000047 level after the massive upsurge in price. Consequently, the price had a bullish correction period due to the previous impulsive bullish move. The current price has given a breakout at the $0.000023 level from a trendline forming above.
Regarding the technicals, the price can reach up to the $0.000032 mark if the price breaks above the $0.000028 level.
The relative strength index (RSI) is showing weak momentum in the current trading phase. It reflects a neutral perspective on the current price momentum. The RSI line is moving at 47.26 above the SMA line.
Summary
The meme coin has been experiencing bearish sentiments since March 5, 2024. Shiba Inu has reflected 9.29% negative profitability in the current phase. At present, the price is trading at $0.000024. As per the price action analysis, SHIB price can reach up to the $0.000032 mark if the price breaks above the $0.000028 level. In addition, a shortfall can be expected below the $0.000018 support.
Technical Levels
- Resistance Levels: $0.000028 and $0.000032
- Support Levels: $0.000018 and $0.000016
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.