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Shiba Inu (SHIB) anticipates a potential 10% price correction for a liquidity sweep, even as it demonstrates remarkable market resilience with a $16.42 billion capitalization amid fluctuating trading conditions.
Shiba Inu Faces Market Pressure Alongside Meme Coin Peers Amid Technical Bearish Signals
FXStreet reports that Shiba Inu prices are falling alongside sector peers such as Dogecoin (DOGE) and Pepe (PEPE). This follows a strong move north that saw SHIB outperform AVAX in terms of market capitalization. In addition, Shiba Inu prices fell more than 20% after breaking out of the neutral triangle, and traders are now cashing in on the gains made during the attempted Sunday recovery.
The numbers favor the bears, as evidenced by the Moving Average Convergence Divergence (MACD) histogram bars flashing red in negative territory below the zero line. The Awesome Oscillator (AO) also shows red bars with dwindling volumes as they approach the mean line. If the trajectory continues, the AO may also fall into negative territory.
Furthermore, the Relative Strength Index (RSI) shows lower highs and lower lows, with the nosedive indicating declining buying pressure.
Shiba Inu at Crossroads: Potential 10% Drop or Surge Toward 70% Gain on Market Recovery
With this bearish outlook, Shiba Inu prices could fall to find initial support near the $0.000025 buyer congestion level. If this level fails to hold, the SHIB price may squat lower to capture buy-side liquidity below the level above. Such a move would result in a 10% drop from current levels.
On the other hand, if the bulls recover the market, Shiba Inu's price would need to break through the $0.000029 barrier before flipping the 50% Fibonacci placeholder into support at $0.000031. A daily candlestick close above this level would prompt more buying, indicating FOMO, as traders would not want to miss out on the potential rally.
In a highly bullish scenario, Shiba Inu prices could reach the most critical 61.8% Fibonacci retracement level and use it as a springboard for further gains. This move would invalidate the bearish thesis and allow SHIB's price to attempt to fill the market range at $0.000045, last seen on March 4. This would represent nearly a 70% increase over current levels.
SHIB Navigates Trading Volatility with Strong Investor Support, Securing Position as Top Cryptocurrency
Shiba Inu prices have held up well in recent trading. The cryptocurrency's 24-hour trading volume has decreased by 11% to $2.1 billion. However, its market capitalization is firm at $16.42 billion, making it the 11th largest cryptocurrency, according to CoinMarketCap (via CoinGape). With a circulating supply of approximately 589 trillion SHIB coins, the market dynamics indicate strong investor interest.
SHIB's value has ranged between $0.000009 and $0.000044 in the last month. This range indicates a bullish trend, as the coin's value has increased by more than 183%. The price hit a monthly high of $0.000044 before falling to $0.000024. However, it has since recovered, maintaining a $0.000027 or higher level.
Shiba Inu's Resilience Amidst Market Correction: Token Burns and Positive Trajectory
Despite a market correction caused by a drop in Bitcoin's value below the $70,000 threshold, Shiba Inu has demonstrated its strength. SHIB, like Dogecoin, Pepe, and WIF, has seen gains as a result of the meme coin sector's overall rally.
According to Shibburn, increased token burn activity is a significant contributing factor to SHIB's positive trajectory. Token burns increased by 2660% in just one day, removing 186 million SHIB from circulation. Reducing the coin's available supply has instilled confidence in the market, improving SHIB's economic fundamentals.
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