#Shiba Inu (SHIB) has experienced a slight price increase of 0.18% over the past hour, bringing its current price to $0.00002479. However, on a 24-hour scale, SHIB's price has declined by 0.28%, with its market capitalization decreasing by 0.13% to $14.6 billion. Notably, the token burning activities have significantly reduced, with only 2,690,693 tokens burned in the past 24 hours—a 57.28% decrease from the previous day. Over the past week, 46,572,296 tokens were burned, reflecting a 26.82% reduction in burning activities. Despite these fluctuations, the total supply remains vast at approximately 589 trillion tokens.
From a technical analysis perspective, SHIB's price chart indicates a short-term rising wedge pattern, typically considered bearish. This pattern is characterized by upward price consolidation within a narrowing range, suggesting a potential downside breakout. Supporting this bearish outlook, the volume oscillator shows a 29.01% decrease in trading volume, implying weakening buying pressure. Additionally, the Money Flow Index (MFI) is at 23.92, indicating SHIB might be nearing oversold conditions, which could signal a potential reversal or pause in the current selling pressure. Investors and traders are closely watching these indicators to navigate the ongoing volatility in the Shiba Inu market.
