Shiba Inu Coin Price Extends Consolidation, But When Is The Bull Run Starting?
Highlights
- Shiba Inu Coin trades below key resistance, indicating bearish market sentiment.
- Significant token transfers to Coinbase could increase SHIB's sell pressure.
- Technical indicators suggest consolidation with the potential for downtrend continuation.
The second-largest meme coin by market capitalization has seen notable market corrections over the past day following a broad downturn in the crypto markets. According to data from CoinMarketCap, and as of this report, Shiba Inu Coin price is trading at $0.00002148, with a dip of 2% during the US trading hours on Thursday.
The trading volume has slightly increased by 1.79% over the last 24 hours, reaching $765.61 million. Meanwhile, the market capitalization has also experienced a similar decline of 1.89%, landing at approximately $12.66 billion, making Shiba Inu the 11th-ranked cryptocurrency in market value.
Shiba Inu Coin Price Forecast: Is a Recovery on the Horizon?
In the last 30 days, the meme coin SHIB has been trading sideways, marked by a significant 16% drop in the past week alone. Following market adjustments and increased bearish momentum, SHIB trades below the $0.000025 resistance level. Over the month, SHIB has fallen by approximately 8%.
Other major cryptocurrencies have also experienced declines. Bitcoin, for example, dipped below $70,000, contributing to its 5% loss over the past seven days. This downtrend in Bitcoin’s value has influenced other major altcoins like Ethereum, which saw a nearly 9% drop this week, reflecting a broader negative trend across the cryptocurrency market.
Recent on-chain activity has shown a significant movement of Shiba Inu tokens, signaling potential market shifts. Specifically, major SHIB stakeholders have transferred approximately 4.29 trillion tokens to the Coinbase platform.
5 hour ago, 10 wallets deposited 4.29T $SHIB (~$97.33M) to #Coinbase
10 above wallets have the same movements:
✅Those $SHIB were accumulated in 2 different times: Sept 2021 and March 2024
✅The avg entry is $0.00001309 👉 the profit will be $41.22M if sold all at current price pic.twitter.com/CYsMhYkgfc— The Data Nerd (@OnchainDataNerd) June 11, 2024
This substantial relocation suggests a possible increase in sell pressure, which could lead to further price declines in the near term. As large quantities of SHIB accumulate on the exchange, the market braces for potential impacts.
Assessing The Meme Coin’s Technical Indicators
The Shiba Inu price prediction is at a critical juncture, encountering a significant resistance point at $0.000022 amid fluctuations in the market. A successful breach of this level may propel it to $0.000025. Achieving this could pave the way to the $0.00003 mark.
Conversely, increased pressure from sellers could depress its value to $0.000021. A negative shift in market mood could further reduce its price to $0.00002. Escalating downward momentum might solidify a bearish trend.
The technical indicators for the SHIB chart suggest a period of consolidation. The Moving Average Convergence Divergence (MACD) indicator shows convergence towards the signal line, suggesting a potential slowdown or reversal in momentum.
The MACD line is below the signal line, indicating weak bullish momentum. The Relative Strength Index (RSI) stands at 37, indicating that SHIB is neither overbought nor oversold. The RSI level suggests a neutral market sentiment at this time.
Most of the Oscillators and moving averages on the daily chart indicate sell signals, suggesting a potential downward trend in the market. The 50 Exponential Moving Average (50-EMA) is currently above the 20-EMA, indicating a potential downtrend in the market.
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