The Shiba Inu price has retraced, but the Supertrend indicator remains bullish. Can SHIB find a floor?
The Shiba Inu (SHIB) chart for January 7 shows a 2.9% decline in the last 24 hours, with a price range of $0.00000887 to around $0.00000948. Despite the drop, SHIB has had a strong performance over the past week, increasing by 28.1%, and by 27.9% in the last 14 days, indicating strong bullish momentum over a longer period. The 24-hour trading volume stands at $239 million, down over 48% in the past 24 hours.
The recent price action exhibits a sharp rise followed by a decline, indicating market volatility. Given the 28.1% weekly rise, SHIB could potentially find support near the current price level.
Shiba Inu Price Prediction
The Shiba Inu chart from TradingView shows a recent surge, with the price breaking above its previous resistance levels before retracing slightly. Despite the latest retracement, the Supertrend indicator is currently in a buy signal, turning green, and indicating bullish momentum.
This suggests that the price could continue to push higher if SHIB finds a floor, and the current momentum holds. The immediate resistance level is around the $0.00001007 mark, where the price recently peaked. If SHIB breaks above this resistance and holds above it, the next potential target could be around $0.00001071, which aligns with the upper range of the Supertrend indicator.
On the downside, $0.000007540 is a key support level, where the Supertrend line is acting as a potential floor. A drop below this level would shift the market sentiment to bearish, potentially targeting the next support around $0.000006825.
Elsewhere, the MACD is still showing bullish momentum, with the histogram printing green bars, indicating continued buying pressure. However, if the MACD crosses below the signal line and green candles start to fade, it could signal a potential reversal or weakening of the upward trend.
Shiba Inu Burn Rate Data
The Shiba Inu burn data shows a significant decline in the burn rate, down by 90.15% over the past 24 hours. This sharp drop is reflected in the relatively low burn transactions, with only 1.5 million SHIB burned in the last 24 hours.
Previous transactions show larger burns, such as 1 million SHIB, 3.6 million SHIB, and 10 million SHIB in earlier periods. The current level of burn activity is not substantial enough to make a significant dent in the total supply, and the burn rate needs to surge in order to see a more noticeable reduction in circulating supply.
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