Shiba

2024

Family

Shiba Inu

<p>After a meteoric rise, Shiba Inu undergoes a significant correction in its price. Let’s examine together the future prospects for SHIB.</p> 
<h2 id="h-shiba-inu-shib-price-situation">Shiba Inu (SHIB) Price Situation</h2> 
<p>After hitting a higher low than its previous ones, Shiba Inu rose from around $0.0000095 to $0.000045 in less than two weeks. Indeed, the second meme coin in terms of market capitalization saw its price increase by 390% in less than nine days. This rise occurred when the number of <a href="https://www.cointribune.com/en/crypto-shib-on-fire-burning-rate-over-64000/" target="_blank" rel="noreferrer noopener">SHIB tokens burned</a> was at an all-time high. Moreover, this event took place as the memecoins narrative attracted a significant amount of liquidity in the crypto market. Unfortunately, this rise eventually ended. The crypto experienced a decline, bringing its price back to its identified value zone around $0.000022. Buying interest emerged from this price level but was insufficient to keep Shiba above it, causing the crypto’s downward continuation.</p>
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<p>At the time of writing this article, Shiba Inu’s price is trading around $0.000016. The crypto is, therefore, down more than 72% from its last high. Recently, SHIB seems to have bounced off an area of interest located around $0.000012. This interest seems to have been supported so far but is not enough to counter Shiba’s short-term downtrend. Given the medium-to-long-term structure, it still appears bullish. However, the crypto’s recent fluctuations have pushed its price below the 50-day and 200-day moving averages, naturally casting doubt on the continuation of this trend. On the price dynamics side, we can observe that it continues to decline, as evidenced by the SHIB price itself and its oscillators. Thus, all these elements naturally suggest that the next identified support around $0.000011 could be reached as Shiba Inu continues on this path.</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXd5J9ek7RtTJGgPy2H70n6tyFheCeQL3fsZTX2lHyREM1bgyrLpmIA1pZIA3XzhYAf6R_RIhRizgUuOM7R2x--4uuYEUX_W33BDUZ-92_qSznkoS7dr3NhG8ASB0PApR14VlOtLT-OThlV6QCA8DcSfLzQ?key=6XBWVlhfGEDQLHh44KfuoQ" alt="">
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  SHIB/USD Chart (1D)
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<p><em>The current technical analysis was conducted in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Today he is a trainer at </em><a href="https://www.family-trading.com/" target="_blank" rel="noreferrer noopener"><em>Family Trading</em></a><em>, a community of thousands of proprietary traders active since 2017. You will find Lives, educational content, and mutual assistance around the financial markets in a professional and friendly atmosphere.</em></p> 
<h2 id="zoom-on-derivatives-shib-usdt">Zoom on Derivatives (SHIB/USDT)</h2> 
<p>The open interest on SHIBUSDT contracts hasn’t been this low since February. Thus, speculative interest in Shiba Inu is in full decline. On the liquidation side, they are not particularly marked, demonstrating a healthy drop. Nevertheless, one could stipulate a subtle liquidation of short positions following Shiba’s recent rebound. Concerning the funding rates, they oscillate between positive and negative, demonstrating a balanced interest between buyers and sellers.</p> 
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 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXc-Xdqc9DiNref9M1dFo8buh7BZ23LqtOT8zOZiyu0eIzBy2DhI-LYfdyVph51s_zKmfOCgV8vWZVu6SZ7kn4Kc34L34VYfzO4ozyo5H2xDtCovAlh4t2D_D2IfduOcZ-EbXaUJWXrj2gRNAqfqblY4xmpv?key=6XBWVlhfGEDQLHh44KfuoQ" alt="">
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  Open Interest / Liquidations &amp; Funding rate 1000SHIB/USDT
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<p>The SHIBUSDT liquidation heatmap over three months shows that the liquidation zone just above $0.016 has been breached. It does not seem to have impacted Shiba’s demand, causing its price to continue its decline. At present, the most significant liquidation zones are located above Shiba’s current price. The closest one can be noted between $0.018 and $0.019. Aside from the one noted around $0.021, one can also signal the areas near $0.024, and higher, around $0.026 – $0.027. The approaching price towards these levels could trigger massive orders, thus increasing the risk of a period of heightened volatility for the crypto. These zones can, therefore, represent a crucial point of interest for investors.</p> 
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 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXcOAShKErL-9jBxnG4Jzh1oKR4yy1yOZKxNH01G6T8f4KOSO4xnmfuMNj4iDo7sPG26lYbx5t7mNADp3ufnC44lbBPwVNwvFWFbo3m5HRpV8qt70FHRXyzNC95ET60-qhb1ofwUvV3oaILq6MWKHjRpgSKR?key=6XBWVlhfGEDQLHh44KfuoQ" alt="">
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  1000SHIB/USDT Liquidation Heatmap (3 months)
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<h2 id="hypotheses-for-shiba-inu-shib-price">Hypotheses for Shiba Inu (SHIB) Price</h2> 
<ul> 
 <li>As long as SHIB’s price remains above $0.000012, a return to $0.000019 can be anticipated. The next resistance to consider, if the upward movement continues, might be around $0.000020 – $0.000021. Higher, we can note the $0.000028 level. At this point, this would represent an increase of over +73%.</li> 
</ul> 
<ul> 
 <li>If SHIB’s price fails to remain above $0.000012, a return around $0.000011 could be envisaged. The next support to consider, if the downward movement continues, would be $0.0000096. Lower, we can note the $0.0000086 support. At this point, this would represent a decline close to -47%.</li> 
</ul>  
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  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"COINBASE:SHIBUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script> 
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  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"COINBASE:SHIBUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"light"}</script> 
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  <a href="https://fr.tradingview.com/symbols/SHIBUSD/?exchange=COINBASE" rel="noopener" target="_blank"><span class="text-primary-color">SHIBUSD chart</span></a> by TradingView
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<h2 id="conclusion">Conclusion</h2> 
<p>After a spectacular rise, Shiba Inu has undergone a significant correction. Although there has been a recent rebound, its short-term trend and dynamics remain bearish, raising doubts about an imminent recovery in its price. Thus, it will be crucial to carefully observe the price reaction at different key levels to confirm or invalidate current hypotheses. It is also important to stay vigilant against potential market “fake outs” and “squeezes” in each scenario. Finally, let’s remember that these analyses are based solely on technical criteria and that cryptocurrency prices can also evolve quickly due to other more fundamental factors.</p>

Crypto: Shiba Inu Down 72% Since Its Last Peak – Analysis From July 10, 2024

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Cointribune EN

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