Shiba Inu, the popular memecoin, has seen a dramatic 11% surge in the last 48 hours, bringing its price to $0.00001746 according to #CoinMarketCap Despite this uptick, SHIB remains precariously perched at a critical support level of $0.00001745. This support is crucial as recent metrics have shown bearish signals, indicating potential further declines.
Over the past month, SHIB has experienced significant volatility, including a notable 35% drop since early June. Currently, indicators such as the stochastic RSI suggest an oversold condition, hinting at a possible price reversal. Similarly, the MACD indicator reflects diminishing bearish momentum, though the overall sentiment remains cautious.
Analysis from AMBCrypto on Coinglass' liquidation heatmap reveals considerable leverage at current price levels. This underscores the risk of further price drops if SHIB fails to hold above its support.
On a positive note, SHIB's burn rate surged by 29.76% in the last 24 hours, with 17,191,209 SHIBs burned. This reduction in circulating supply could potentially exert upward pressure on prices if the support level holds steady.
Looking ahead, SHIB faces a pivotal moment where continued support at $0.00001745 will be crucial in determining its next move. Traders and investors are closely monitoring these developments amidst a balanced market sentiment between long-term bullish hopes and short-term concerns.
In conclusion, while Shiba Inu has shown resilience with recent gains, the ongoing bearish pressures indicate that caution is warranted. The next steps for SHIB will heavily depend on its ability to maintain current support levels amidst fluctuating market dynamics.
Disclaimer: The information provided in this article is intended for informational purposes only. Cryptocurrency trading involves significant risks, and it is advised to conduct thorough research before making any financial decisions.
