- SHIB is trading near the $0.000011 mark.
- The 24-hour trading volume has jumped by 292%.
Following the steady market crash, the meme coin market cap has reached $42.5 billion after a 15.1% slip. The dog-themed Shiba Inu (SHIB) has lost over 7.81% in the past 24 hours
The meme coin opened the day trading at a high of $0.00001211. Eventually, the bears pulled SHIB to trade on the downside, at a low of $0.00001038. At press time, the meme coin traded at $0.00001105, with its trading volume reaching $443 million
Shiba Inu’s burn rate is up by 2060231.23%. Notably, 13,392,153 tokens were burned. To date, the SHIB ecosystem has burned 410.74 trillion SHIB, leaving over 584.36 trillion tokens in circulation
Can SHIB Avoid Further Decline?
SHIB’s Moving Average Convergence Divergence (MACD) line and signal line are positioned below the zero line. It infers the potent bearish sentiment and the possibility of further downside within the market
SHIB chart (Source: TradingView) The Chaikin Money Flow (CMF), which assesses the capital flow, implies the outflow of money as the value sits at -0.17. In the meantime, the meme coin’s daily trading volume has soared by over 292%
If SHIB fails to shift the bearish track, the price could possibly slide to the crucial $0.00001037 support. A deeper correction of the meme coin might trigger the price to drop toward the $0.0000089 range
Assuming the upside momentum is reclaimed, the meme coin might find immediate resistance at the $0.00001116 mark. Consequently, SHIB could mount high and test the resistance at $0.000012
Moreover, SHIB’s daily relative strength index (RSI) at 36.57 indicates that the asset is approaching oversold territory. The Bull Bear Power (BBP) reading of -0.00000103 suggests that bears dominate the market.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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