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Will Shiba Inu Price Recover in June? – Crypto News

Published

8 months ago

June 14, 2024

Dripp

Investors are closely watching the performance of leading cryptocurrencies such as Ethereum and Bitcoin, amid a global crypto market crash. However, other cryptocurrencies like Shiba Inu (SHIB) , a dog-themed memecoin, are uncertain of their price trajectory with the ongoing turbulence. SHIB has seen red days on its chart over the past day, week and month, raising questions about its recovery. Let’s delve deeper into details.

Current Market Performance of Shiba Inu Price

Market Performance of Shiba Inu

Shiba Inu has been experiencing a bearish trend in its performance. Over the past day, the value of SHIB dropped by 1.98% to trade today at $0.00002102. The dog-themed memecoin also decreased in price over the past week and month by 16.04% and 12.62% respectively. This decline has slightly pushed down its market cap to $12.39 billion, securing the 11th position, according to CoinMarketCap.

The trading activity in the market has also declined, demonstrated by a 43.56% drop in trading volume over the past 24 hours to reach $322.66 million.
Although SHIB hit its all-time high of $0.00008845 on October 28, 2021, the price has since retraced by 75.46%.

Technical Analysis of Shiba Inu Price

The technical analysis of Shiba Inu presents a mixed outlook, employing a variety of popular indicators

The moving averages indicate a predominantly bearish trend. Short-term and mid-term EMAs all signal sell actions. Only the 200-period EMA suggests a buy signal, hinting at long-term potential for an upward trend.

Similarly, Simple Moving Averages (SMA) show a downwards trend over the same periods, except for the SMA (200), which suggest a buy.

At 35.75, the RSI indicates that SHIB is at a neutral stance, neither overbought or oversold.

On the other hand, The MACD level shows a sell signal, suggesting a bearish price trend.

Fibonacci support and resistance levels further illustrate potential price targets. The pivotal point for SHIB is at $0.00002512 is crucial. Should the price drop, the token will find support at at $0.00002083 and $0.00001627 levels, with the final support at $0.00000742.

On the upside, should the price increase, Shiba Inu will face resistances at $0.00002968 and $0.00003397. In case it successfully makes a breakout at these levels, it will find resistance at $0.00004282.

Market Sentiment: Bearish Pressures and Bullish Hopes

Recent market data shows bearish pressures but also hints at potential recovery.

Increased Selling Pressure

Some analysts analyzed Santiment daily transaction volume in profits and the transaction volume in the profit-to-loss ratio. The current drop in the profit bars is concerning, suggesting more traders are selling at a loss, likely due to panic over further declines.

Additionally, SHIB’s supply on exchanges is on an uptrend, indicating increased selling pressure as investors look to exit positions, a bearish signal.

SHIB Supply on Exchanges (Source: Santiment)

SHIB Burn Rate: A Glimmer of Optimism

Conversely, the Shiba Inu burn rate has surged by over 800%, with 107 million coins incinerated recently. This significant reduction in supply has injected a dose of market optimism. Furthermore, rising SHIB adoption, such as its use in web3 food delivery payments, propels positive sentiment.

Shib burn data spotlighted an 859.83% surge in the burn rate, primarily due to the destruction of over 107 million SHIB tokens in the past day.

Conclusion: Will Shiba Inu Recover in June?

The technical indicators for SHIBUSD present a mixed but cautiously optimistic picture. While short- to mid-term moving averages signal bearishness, long-term indicators and some oscillators suggest potential for a rebound. The increased burn rate and rising adoption further fuel optimism for SHIB’s future.

Investors need to carefully track the key support and resistance levels as determined by the Fibonacci retracement in order to assess the intensity and longevity of any price changes in June. Moreover, the market’s attitude towards the speed at which funds are being used and the rate at which the currency is being accepted will be crucial in deciding if Shiba Inu can bounce back from its current downward trend and make a recovery in the next few weeks.