- SHIB trades near its lower Bollinger Band at $0.00001752, suggesting oversold conditions that could lead to a price rebound.
- A weak MACD bullish crossover forms, but rising volume is needed to confirm momentum and push SHIB above $0.00001886.
- Shibburn data shows a 58.73% weekly burn decline, indicating weaker deflationary pressure, which may impact SHIB’s price movement.
Shiba Inu (SHIB) is consolidating, with the market eyeing key levels for a potential breakout. On January 29, at press time, SHIB was trading at $0.00001841, a 24 hour decline of 3%. Over the past week, the token dropped by 9.87%, with the market cap at $10.84 billion, down by 3.54%. The recent price movements align with a hint from Shytoshi Kusama regarding an upcoming partnership announcement, potentially influencing SHIB future price movements.
Support and Resistance Levels
On a 4-hour timeframe, the immediate support level is at $0.00001752, aligning with the lower Bollinger Band. The critical support level is at $0.00001700, which could prevent further downside.
On the upside, SHIB faces resistance at $0.00002020, coinciding with the upper Bollinger Band. A stronger resistance level is at $0.00002200, which would require increased buying pressure to break it.
Bollinger Bands show that SHIB is trading near its lower band, suggesting oversold conditions. Historically, such conditions have led to price rebounds. The middle band, a short term dynamic resistance at $0.00001886, is a key level to monitor. If SHIB reclaims this level, bullish momentum could push prices toward resistance.
MACD and Volume Show Signals
MACD shows a weak bullish crossover forming, with the MACD line at -0.00000040 and the signal line at -0.00000041. The histogram, turning slightly positive, suggests a potential shift in momentum. However, confirmation of a bullish crossover is needed for sustained upward movement.
Trading volume reached 142.72 billion SHIB, showing a steady increase. A continued rise in volume could help SHIB surpass $0.00001886 and target $0.00002020. However, low volume may lead to extended consolidation or further downside movement.
Burn Rate and Future Market Outlook
Data from Shibburn shows that token burns have slowed, with 1.09 million SHIB burned in the last 24 hours, down 87.21%. Over the past week, 29.61 million SHIB were burned, a 58.73% decrease. This suggests that the pressure on SHIB remains subdued. For SHIB to regain bullish momentum, it must break above $0.00001886, confirming a move toward $0.00002020.
If volume continues increasing, SHIB could attempt higher levels. On the downside, a break below $0.00001752 could lead to further declines toward $0.00001700. Volume trends and new market developments on SHIB could push the token upwards.