SHIB trades within the $0.000021 mark over the past 24 hours.
The daily trading volume of the meme coin has surged by 31%.
Closing out the year, the meme coin market cap stands at $108 billion, reflecting a 3% gain. Notably, the dog-themed cryptocurrency, Shiba Inu (SHIB), has lost over 2.34% in the past 24 hours.
The meme coin opened the day trading at $0.00002165. Eventually, SHIB chose the downside trading, registering a low of $0.00002052. At the time of writing, the meme coin trades at $0.00002142, with its trading volume reaching $537 million.
It’s crucial to note the burn rate of Shiba Inu, which was up by 243.34% over the day. Notably, 1,717,872 tokens were burned. To date, the Shiba Inu ecosystem has burned a total of 410.74 trillion SHIB, leaving over 584.16 trillion tokens in circulation.
On the other hand, the Ali chart highlights the major support zone of SHIB between $0.0000215 and $0.0000193. This range likely acts as a strong defense, with buyers stepping in to prevent further declines.
Is SHIB Set for More Losses Ahead?
The four-hour trading window of SHIB reports the negative sentiment. The Moving Average Convergence Divergence (MACD) line has crossed below the signal line, inferring the current bearish outlook and selling pressure in the market.
SHIB chart (Source: TradingView)
Besides, the Chaikin Money Flow (CMF), which assesses the capital flow, suggests the decreased money flow as the value sits at -0.06. While the daily trading volume of SHIB has increased by over 31.25%.
In addition, the daily relative strength index (RSI) is positioned at 45.37 in a neutral to slightly bearish zone. It also signals selling pressure. The asset’s short-term 9-day moving average is found below the long-term 21-day moving average.
If the meme coin continues to stay in the bearish track, the price could slip to the nearby support at the $0.000020 mark. A further drop in SHIB’s price might bring in the subsequent support at $0.00001887.
On the flip side, if the upside momentum is reclaimed, the immediate resistance is likely to be found at $0.00002236. Consequently, SHIB could climb high and test its resistance at the $0.000023 range.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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