Shiba Inu rises 11% in 48 hours, but bearish pressure remains
The price of Shiba Inu (SHIB) has been fluctuating significantly, recently stabilizing at a crucial support point of $0.00001745. The value of this popular cryptocurrency has encountered a sharp 35% drop since June 6, illustrating its volatile market behavior.
This pivotal support level is crucial for determining the future direction of SHIB's price.
Despite experiencing a notable 11% rise in the past two days, signs of a returning bearish trend are now evident.
At the moment of analysis, according to CoinMarketCap, SHIB's value stands at $0.00001746, marking a modest 0.52% gain within a day and a 4.56% decline over the past week. Additionally, its trading volume has decreased by 37.25%, amounting to $1.97 billion.
With the stochastic RSI at 15.2, indicating an oversold condition, and the MACD hinting at a reduction in bearish momentum, a potential pivot in price direction could be on the horizon.
However, these indicators collectively suggest that the growing bearish sentiment may lead to a further decrease in price.
Coinglass highlighted substantial liquidation risk around the present price point.
This implies a possible further decline if the price falls beneath the stated support level. Conversely, according to Shibburn, there’s been a 29.76% increase in SHIB’s burn rate in the last day, with 17,191,209 SHIB tokens eliminated from circulation. Maintaining the support level could thus exert an upward force on its price.
Moreover, data on the ratio of long to short positions indicates a division among investors regarding SHIB’s future trajectory, mirroring the fluctuating market sentiment observed over the last month.
Shiba Inu's valuation currently hovers at a critical juncture of $0.00001745. With increasing bearish trends following a recent price uptick, a downward breach of this threshold could precipitate more losses. Conversely, if the upward momentum consolidates, we might witness a price surge.
