Shiba Inu, a widely tracked meme coin in the cryptocurrency space, is currently facing increased volatility and selling pressure. Over the past 24 hours, SHIB has dropped 2.10%, trading at $0.00001274. Despite the price decline, trading volume has increased by nearly 14%, indicating heightened investor activity.
Although this increase may suggest growing interest, overall sentiment remains cautious. SHIB has oscillated within a narrow range with sudden spikes and sharp drops, indicating indecisiveness in the market. Price action reflects a slightly bearish outlook with a consolidation trend in the short term.
Key Support and Resistance Levels for SHIB
Technical analysis shows several key levels shaping SHIB's short-term movement. On the resistance side, $0.00001304 is the most immediate ceiling.
This level has been tested before but could not hold under continuous buying pressure. Just below it, the range of $0.00001295 to $0.00001298 has acted as a mid-level resistance. Sellers continuously engage at these levels, pushing the price lower.
On the support side, SHIB has found a short-term base between $0.00001267 and $0.00001270. This area has been tested multiple times during trading sessions.
A more significant support level lies at $0.00001260, combining both psychological and technical strength. Additionally, $0.00001255 marks the lowest daily drop, signaling a major bottom if selling pressure continues.
Burn Rate and Supply Data Providing Mixed Signals
Interestingly, SHIB's tokenomics presents a somewhat contrasting picture to recent price movements. The burn rate of SHIB has increased by 4.19%, resulting in the destruction of nearly 19 million tokens. In total, over 410 trillion tokens have been burned, significantly reducing the initial supply.
This continuous burning activity helps create scarcity, which can support long-term value. The total supply of SHIB is currently around 589 trillion, with approximately 584 trillion in circulation. Furthermore, over 4.7 trillion tokens are staked, reducing the liquidity of the active market.
MACD and RSI Indicate Weak Momentum
From a momentum perspective, SHIB's MACD indicators are slightly oscillating below neutral. No bullish crossover has occurred, dampening investor optimism. The relative strength index is currently at 37.42, close to the oversold area. Although not at extreme levels, this suggests weakening momentum with the potential for recovery if buying activity continues.