The global cryptocurrency market is trying to recover, after a recent crash, with established coins like <a href="https://coingape.com/price/ethereum/">Ethereum</a> and <a href="https://coingape.com/price/bitcoin/">Bitcoin</a> also experiencing the impact. Amid volatility, meme coins like Shiba Inu (SHIB) have also been affected by the turbulent market conditions. SHIB has faced challenges recently, with a notable 30% decrease in value on its charts over the last month. Investors are closely observing the development of the memecoin, especially following its recent drop and the factors that could suggest a potential uptrend. This article will explore in depth. 
<h2 id="strong-market-performance-of-shiba-inu-shib-strong">Market Performance of Shiba Inu (SHIB)</h2> 
<img decoding="async" class="aligncenter size-full wp-image-203738" src="https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-22-082649.png" alt="Market Performance of Shiba Inu (SHIB)" width="2094" height="1219" srcset="https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-22-082649.png 2094w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-22-082649-300x175.png 300w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-22-082649-1224x713.png 1224w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-22-082649-768x447.png 768w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-22-082649-1536x894.png 1536w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-22-082649-2048x1192.png 2048w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2024-06-22-082649-150x87.png 150w" sizes="(max-width: 2094px) 100vw, 2094px"> 
Shib is currently trading at $0.00001805, after experiencing a slight increase in value by 0.61%, in the past day. This follows a downward trend in a wider time frame, declining in price by 13.86% and 29.72% over the past week and month respectively. 
Nevertheless, SHIB secures its position as the 11th largest cryptocurrency, boasting a market cap of $10.64 billion, according to <a rel="nofollow" href="https://coinmarketcap.com/currencies/shiba-inu" target="_blank">CoinMarketCap</a>. Shiba Inu is also experiencing a reduced trading activity, seeing a drop of 21% in its trading volume to reach $266.08 million, over the past 24 hours. 
The circulation supply of the coin stands at 589.27 trillion SHIB. 
Although Shiba Inu hit its all-time high of $0.00008845 on October 28, 2021, the price has since dropped by 79.7%. 
<h2 id="strong-whale-movements-and-burn-rate-impact-strong">Whale Movements and Burn Rate Impact</h2> 
Recent whale activities have caught the attention of the SHIB community, sparking speculations about future price movements. A significant transaction was noted when a <a rel="nofollow" href="https://x.com/whale_alert/status/1803905154766320108" target="_blank">whale</a> withdrew 2.2 billion SHIB, worth approximately $40 million, from Robinhood to an unknown wallet. 
Typically, such large withdrawals from exchanges suggest a bullish outlook, as it implies that the whale is not intending to sell in the near term. 
In a positive turn of events, the Shiba Inu community has significantly increased its <a rel="nofollow" href="https://www.shibburn.com/" target="_blank">token burn</a> rate. Over the past 24 hours, the community has burned over 37 million SHIB across 10 transactions, boosting the burn rate by 529.72%. 
This ongoing effort to reduce the circulating supply aims to drive up the value of the remaining tokens. Recently, there has been a notable spike in the burn rate, with a 1,166% increase in burned tokens in one day, indicating a rising willingness among investors to participate in reducing supply. 
<h2 id="strong-technical-analysis-and-price-forecast-strong">Technical Analysis and Price Forecast</h2> 
The technical indicators for SHIB show a blend of positive and uncertain signals. The <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMAs</a> and SMAs over different time periods indicate mostly a selling trend, pointing to continued downward pressure on SHIB. 
Yet, indicators such as the <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> suggest that SHIB is currently overbought, suggesting a possible opportunity to buy. The CCI and WPR indicators also show potential for buying opportunities, indicating a potential bullish trend reversal approaching. 
In addition, the <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a> indicates a persisting bearish trend, albeit potentially losing strength. The 
Fibonacci retracement levels offer crucial support and resistance zones, with support located at approximately $0.00001627 and $0.00001965, and resistance at about $0.00002512 and $0.00002850. These levels indicate that breaking through the current resistance of SHIB could lead to a longer-lasting upward trend. 
<h2 id="strong-conclusion-strong">Conclusion</h2> 
Shiba Inu (SHIB) is navigating through a rough patch with a significant decline in its value over the past month. However, the substantial whale activities, and a significant spike in the burn rate suggest potential for a rebound. The technical indicators present a cautious yet hopeful scenario, with critical support and resistance levels outlined by Fibonacci retracement providing a roadmap for possible price movements. As always, investors should stay informed and exercise caution, considering both the potential and risks involved in the volatile cryptocurrency market. 
The post <a href="https://coingape.com/blog/shiba-inu-shib-price-set-for-a-bull-run/">Is Shiba Inu (SHIB) Price Set for a Bull Run?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Is Shiba Inu (SHIB) Price Set for a Bull Run?

Innholdsfortegnelse

Coingape News Media

Andre artikler publisert på 22. juni 2024

Shiba Inu Whale Withdraws 2.2 Billion SHIB From Robinhood, Should You Follow The Whales?

Dogecoin Price Forecast As Whale Activity Spikes Is $1 Still on the Horizon?

The Visionary Behind Uniswap: Journey of Hayden Adams

3 Top Cryptocurrencies To Watch This Week: ZRO, STRUMP, & BIAO?

MoonBag Presale Gains Favourable Attention That Surpasses the Likes of BitBot and Cardano

Key Technical Indicator Suggests Bitcoin’s Price Will Soon Top $100,000

Bli med på vårt gratis nyhetsbrev for daglige kryptooppdateringer!