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Can Shiba Inu Recover? Technical Indicators Show a Turning Point
Shiba Inu, a widely watched meme coin in the crypto space, is currently facing increased volatility and selling pressure. In the last 24 hours, SHIB has fallen by 2.10%, trading at $0.00001274. Despite the decline in prices, the trading volume increased by almost 14%, indicating an increase in investor activity While this increase may indicate growing interest, the general sentiment remains cautious. SHIB has fluctuated in a narrow range with sudden gains and sharp declines, indicating indecisiveness in the market. Price action reflects a slight downward outlook with a short-term consolidation trend. Major Support and Resistance Levels for SHIB Technical analysis shows that some important levels are shaping the short-term movement of SHIB. On the resistance side, $0.00001304 is the most immediate ceiling level. This level has been tested before but could not hold under continuous buying pressure. Just below that, the $0.00001295 to $0.00001298 range has acted as a medium-term resistance level. Sellers are consistently entering at these levels, pushing the price lower.
On the support side, SHIB has found a short-term base between $0.00001267 and $0.00001270. This area has been tested several times during intraday trading. The more important support level is at $0.00001260, combining both psychological and technical strength. Additionally, $0.00001255 marks the lowest daily drop, signaling a significant bottom if the downward pressure continues. Burn Rate and Supply Data Provide Mixed Signals Interestingly, the tokenomics of SHIB presents a somewhat contrasting picture to the recent price movements. The burn rate of SHIB increased by 4.19%, resulting in the destruction of nearly 19 million tokens. In total, over 410 trillion tokens have been burned, significantly reducing the initial supply.
This continuous burning activity helps create scarcity, which may support long-term value. The total supply of SHIB is currently around 589 trillion, with approximately 584 trillion in circulation. Furthermore, over 4.7 trillion tokens are staked, reducing the liquidity of the active market. MACD and RSI Indicate Weak Momentum
According to the momentum perspective, the MACD indicators of SHIB are fluctuating slightly below the neutral level. There has been no bullish crossover, which is dampening investor optimism. The relative strength index is currently at 37.42, close to the oversold zone. Although not at extreme levels, this indicates that the momentum is weakening with a possibility of a rebound if buying activity continues.