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?

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