Is SHIB likely to rebound after a 7% drop? Can 99% of burn achieve it?
The global cryptocurrency market cap has fallen over 5.97% in the past 24 hours to $3.17 trillion, and a pullback has occurred. Bitcoin (BTC) and Ethereum (ETH) are trading at over $996,000 and $35,000, respectively, but both have shown downward corrections.
The global cryptocurrency market cap has fallen over 5.97% in the past 24 hours to $3.17 trillion, and a pullback has occurred. Bitcoin (BTC) and Ethereum (ETH) are trading at over $996,000 and $35,000, respectively, but both have shown downward corrections.
The dog-themed meme coin Shiba Inu (SHIB) has seen a daily decline of over 7.97%. At the opening of the trading day, the meme coin's trading price was $0.00002635. As of the time of writing, the meme coin's trading price is $0.00002384, with a trading volume of $1.48 billion.
On November 12, SHIB set a monthly high of $0.00002938. However, its upward trajectory faced resistance and could not continue to rise.
Notably, Shiba Inu's burn rate decreased by 29.39% within a day. It is worth mentioning that 1,442,783 SHIB were burned. In total, 202,773,255 tokens have been burned over the past seven days.
Technical analysis of the SHIB/USDT trading pair highlights negative sentiment. The Moving Average Convergence Divergence (MACD) line is below the signal line, suggesting a continued bearish trend. This crossover indicates selling pressure.
The 24-hour chart shows a daily Relative Strength Index (RSI) of 39.42, indicating weakness in the meme coin. Additionally, SHIB's short-term 9-day moving average is below the long-term 21-day moving average.
If the current trading momentum of the meme coin continues, SHIB may immediately find support and break below $0.00002180. A break below this level would push the price towards the $0.000019 mark. This could extend the consolidation period.
