Markets
Shiba Inu Coin Price Extends Consolidation, But When Does the Bull Run Begin?
The second-largest meme coin by market capitalization has seen notable market corrections over the past day following a broad downturn in crypto markets. According to data from CoinMarketCapand from this report, Shiba Inu Coin Price is trading at $0.00002148, down 2% during US trading on Thursday.
Trading volume increased slightly by 1.79% in the last 24 hours, reaching $765.61 million. Meanwhile, the market capitalization also suffered a similar decline of 1.89%, reaching approximately $12.66 billion, making Shiba Inu the 11th cryptocurrency by market value.
Shiba Inu Coin Price Prediction: Is a Recovery on the Horizon?
In the last 30 days, the
meme coin SHIB has been trading sideways, marked by a significant 16% drop last week alone. After market adjustments and increased bearish momentum, SHIB trades below the $0.000025 resistance level. Over the course of the month, SHIB fell approximately 8%. Shiba Inu Coin Price Prediction
Other main cryptocurrencies also suffered falls. Bitcoin, for example, has fallen below $70,000, contributing to its 5% loss over the past seven days. This downward trend in the value of Bitcoin has influenced other important altcoins such as Ethereumwhich has seen a drop of almost 9% this week, reflecting a broader negative trend across the cryptocurrency market.
Recent activity on the network has shown significant movement of Shiba Inu tokens, signaling possible changes in the market. Specifically, SHIB’s key stakeholders transferred approximately 4.29 trillion tokens to the Coin base platform.
5 hours ago, 10 wallets deposited 4.29T $SHIB (~$97.33 million) for #Coinbase
The 10 portfolios above have the same movements:
✅Those $SHIB were accumulated at 2 different times: September 2021 and March 2024
✅The average down payment is $0.00001309 👉 the profit will be $41.22 million if everything is sold at the current price pic.twitter.com/CYsMhYkgfc– The Data Nerd (@OnchainDataNerd) June 11, 2024
This substantial relocation suggests a possible increase in selling pressure, which could lead to further price drops in the short term. As large amounts of SHIB accumulate on the stock exchange, the market is preparing for potential impacts.
Evaluating Meme Coin Technical Indicators
O Shiba Inu Price Prediction is at a critical juncture, encountering a significant resistance point at $0.000022 amid market fluctuations. A successful breach of this level could propel it towards $0.000025. Achieving this could pave the way to the $0.00003 mark.
On the other hand, increased pressure from sellers could depress its value to $0.000021. A negative change in market mood could further reduce its price to $0.00002. Escalating downward momentum could solidify a downtrend.
Shiba Inu Coin Price Prediction | Source Trading View
Technical indicators on the SHIB chart suggest a period of consolidation. The Moving Average Convergence Divergence (MACD) indicator shows convergence toward the signal line, suggesting a potential slowdown or reversal in momentum.
The MACD line is below the signal line, indicating weak bullish momentum. The Relative Strength Index (RSI) is at 37, indicating that SHIB is neither overbought nor oversold. The RSI level suggests neutral market sentiment at this time.
Most oscillators and moving averages on the daily chart indicate sell signals, suggesting a potential downward trend in the market. The 50 exponential moving average (50-EMA) is currently above the 20-EMA, indicating a potential downtrend in the market.
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