- SHIB trades at $0.00001901, gaining 3.25% in 24H but down 9.25% weekly, testing key support at $0.00001850-$0.00002120 for direction.
- RSI at 36.69 nears oversold; MACD remains bearish. A breakout above $0.00002050 could trigger recovery toward $0.000027000.
- SHIB burn rate drops 87.21% daily, reflecting weaker supply reduction. Holding $0.00001850 is crucial to prevent a fall to $0.00001500.
Shiba Inu (SHIB) has had intriguing patterns, with analysts assessing its price movements and future potential. At press time on January 28, SHIB was trading at $0.00001876, a 3.25% gain over the past 24 hours.
However, it recorded a 9.25% decline over the past seven days. Analyst Ali noted the importance of the $0.0000185 to $0.0000212 range as an important support zone for SHIB’s performance.
Market Trends and Technical Indicators
SHIB has had a fluctuating price behavior in recent weeks. The token opened at $0.00001898, reached a high of $0.00001933, and recorded a low of $0.00001899.
SHIB’s price shows a bullish structure with higher highs and higher lows. However, its momentum appears to have slowed recently. SHIB’s trading volume reached 720.01 billion tokens, reflecting weakened buying pressure.
On a daily timeframe, the RSI is at 36.69, nearing the oversold zone. RSI above 50 could indicate recovery momentum, but the current value indicates weak sentiment. Meanwhile, the MACD shows a bearish trend, with a negative histogram and MACD line below the signal line.
Key support levels include $0.00001850 and $0.00001500, while resistance levels at $0.00002050 and $0.00002250 are critical for bullish momentum. Failure to hold the support may push SHIB toward $0.000014000.
Burn Metrics and Broader Implications
Shibburn reported a total market cap of $11.34 billion, up 4.25%. However, SHIB’s burn rate has seen an increased decline. Only 1,090,215 tokens were burnt in the past 24 hours, down by 87.21%, and 29,614,627 tokens burnt in the past week, a 59.03% decrease.
The market outlook remains focused on SHIB’s ability to maintain critical support levels and overcome resistance barriers. Monitoring the $0.00001850 zone is important, as a breakdown could lead to lower levels, while a breakout may pave the way for substantial upward moves.