- Trading volume has dropped by 55% in the past 24 hours.
- According to the market cap, SHIB ranks 11th in the cryptocurrency market.
On a daily time frame, the Shiba Inu price has undergone a consolidation phase and has been taking support on the 100-day EMA for more than a month. Buyers have struggled to overcome the $0.0000300 hurdle since April, but sellers are not strong enough to drag the price below the 100-day EMA.
Recently, the buyers tried to gain bullish momentum, but the sellers showed price rejection at the $0.0000280 mark, dropping by 12% in 2 days. The price action indicates that the SHIB crypto price performed extraordinarily at the beginning of March and reached a 52-week high.
At press time, the Shiba Inu price was $0.0000254, with a neutral momentum in the past 24 hours. The market capitalization is $14.99 Billion, and the 24-hour trading volume is $276.96 Million.
Price vs. Social Media Influence on Shiba Inu
The given data shows that talks and responses about Shiba Inu on social media have remained constant, but the price has shown weakness. If engagement on social media increases, then the SHIB price may gain bullish momentum.
Shiba Inu Price Technical Analysis on Daily Timeframe
The chart structure suggests that the SHIB price has struggled between the $0.000275 and 100-day EMA. Buyers may become confident if the Shiba Inu price manages to exceed the $$0.0000275 mark and sustains.
The rise in trading volume and social dominance at the time of the breakout may lead to a bullish momentum for the long term. Buyers may eye for the all-time if the price surpasses the last swing high.
On the other hand, if the digital asset price starts trading below the 100-day EMA, sellers may easily drag down the price to the 200-day EMA. The SHIB price below the 200-day EMA may signify strong bearish momentum.
Based on the technical indicators, SHIB price was trading over the key moving averages at press time. RSI was 51 and slowly recovering from the oversold zone. Overall, the technical indicators demonstrate a bullish forecast.
Will the Shiba Inu price Bounce Back on the 4-H Timeframe?
In a 4-H time frame, the Shiba Inu price has been rising by taking pullbacks. The price has dropped to the 200-day exponential moving average, which is the higher low.
Buyers may look for the last swing high if the digital asset price takes support on the 200-day EMA and gains bullish momentum.
Alternatively, if the price fails to defend the 200-day EMA and trading volume decreases, then selling pressure can be expected for the next few weeks
Conclusion
Shiba Inu price has undergone a correction phase for the past few months. Buyers are strong enough to defend the 100-day exponential moving average, and sellers have managed to keep prices below the $0.0000300 mark. In the first week of March, SHIB price gained around 350% but failed to continue the bullish trend.
Technical Levels
The SHIB crypto price is expected to take support on the $0.0000220 and $0.0000100 levels in upcoming trading sessions. The price may face resistance from the $0.0000275 and $0.0000350 marks.
Disclaimer
This article is for informational purposes only and provides no 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.
