NewsletterWhy Shiba Inu Coin Price Is Struggling Despite 64% of Investors Betting on a Surge
Highlights
- Shiba Inu coin price eyes a 17% drop in anticipation of a rebound.
- 65% of investors are betting that the SHIB price will move higher.
- SHIB Futures data indicates Shorts are closing in profit.
Shiba Inu price shows signs of resilience while eyeing immediate support below for potential relief from the price drop. The price action is facing heavy rejection around $0.00001400, which means the chances of further pullback to the next support around $0.00001200 are high. Meanwhile, the Shibarium network underwent an upgrade over the weekend that resulted in increased burns. Can this development turn the tide for Shiba Inu?
Shiba Inu Price Approaches $0.000012 Support
The SHIB price dropped 4% in the last 24 hours to trade at $0.00001368. Conversely, the trading volume for SHIB surged by 41.2% over the same duration. This signals that the selling pressure is on the rise.
The recent Shibarium network upgrade on August 9 had an incredible impact on the network. On August 11, the Shiba Inu burn rate skyrocketed by over 38,000,000%, inspiring optimism in its investors.
HOURLY SHIB UPDATE$SHIB Price: $0.00001438 (1hr 0.02% ▲ | 24hr 2.48% ▲ )
Market Cap: $8,477,808,264 (2.55% ▲)
Total Supply: 589,272,050,582,474TOKENS BURNT
Past 24Hrs: 39,345,498 (38199412.62% ▲)
Past 7 Days: 147,438,148 (-64.26% ▼)— Shibburn (@shibburn) August 11, 2024
Shiba Inu price prediction shows that the asset is currently in a downtrend, as indicated by the series of lower highs and lower lows. The price is below the 50-day and 200-day exponential moving averages (EMAs), confirming the bearish trend.
Additionally, the 50-day EMA is well below the 200-day EMA, a bearish signal. The price action is below both, indicating sustained downward pressure.
Shiba Inu price has an immediate resistance around the 50-day EMA ($0.00001401) and another stronger resistance level near the 200-day EMA ($0.00001575).
The price sits just above a support zone at $0.00001340. If the current support fails, the next significant support level is around $0.00001250.
The Relative Strength Index (RSI) is at 41.19, nearing oversold territory. While the trend is bearish, a potential bounce could occur if the RSI drops further. The Chaikin Money Flow (CMF) is at -0.17, indicating rising sell pressure on SHIB, reinforcing the bearish outlook.
The price recently broke down from a rising wedge pattern, which is a bearish signal. This breakdown suggests a potential move lower, possibly towards the $0.00001250 level, if the current support fails.
If the SHIB price respects the $0.00001200 support and bounces back above the 200-day EMA, it may show a more pronounced reversal signal facilitated by increasing market strength. The SHIB targets would be around $0.00001900.
65% Investors Betting on SHIB Price Surge
Data from Coinalyze reveals that a sizeable number of market participants are betting that the Shiba Inu coin price will surge. The Shiba Inu Long/Short ratio shows that 64.18% of traders are Long on SHIB.
According to data from IntoTheBlock, if the Shiba Inu coin price rises above $0.000016 (16% from the current price), over $6.7 billion worth of SHIB currently underwater will transition into profitability.
Additionally, Messari Research shows that the SHIB Sharpe ratio, the metric for measuring an asset’s risk and reward, is at 2.98.
A Sharpe ratio of 2 and above indicates that the reward for investing in SHIB is currently higher than the risk, which is bullish for the price.
Frequently Asked Questions (FAQs)
1. What impact did the recent Shibarium network upgrade have on Shiba Inu?
2. Can Shiba Inu coin price recover, and what could trigger a rebound?
3. What do investor sentiments and betting patterns reveal about SHIB's future?
- TradFi Attack On Crypto? Ken Griffin’s Citadel Asks SEC to Tighten Rules on DeFi Protocols
- U.S. Weekly Jobless Claims Fall to 3-Year Low Ahead of FOMC Meeting
- S&P Welcomes WhiteBIT’s Native Coin Across Five Key Crypto Indices
- Hyperliquid Rival Aster DEX Targets Early 2026 For Layer 1 Launch
- CZ vs. Peter Schiff: Binance Founder Argues Bitcoin Beats Gold on Verifiability, Utility and Scarcity
- Pi Network Price Shows Signs of Recovery as Unlock Rate Cools
- Bitcoin Price Could Break $100k as Odds of 3 Rate Cuts Hit ATH
- XRP Price Prediction as ETF Buyers Add $50.27M to Holdings
- Ethereum Price Reclaims $3,200 as Shark Wallets Accelerate Accumulation
- Dogecoin Price Holds $0.15: Bullish Reversal or Just a Temporary Bounce?
- Sui Price Surges 10% As Vanguard Group Adds SUI to Bitwise 10 Crypto Index
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
