- Shiba Inu’s price stabilizes in consolidation zone, awaiting potential breakout.
- Shibburn data shows a sharp drop in burns, yet long-term trends remain steady.
- Bearish momentum persists as RSI nears neutral, but a potential reversal looms.
Shiba Inu ($SHIB) is currently facing a crucial moment in its price action. As of the latest data, $SHIB is trading at $0.00002141, reflecting a slight 0.02% increase in the last hour, but a 2.99% drop in the past 24 hours. Analysts, $SHIB KNIGHT, suggest that the breakout is imminent, but the timing remains uncertain.
Current Price Trends and Key Levels
Shiba Inu’s price has been in a downtrend since early November 2024, suggesting that selling pressure is currently dominant. However, the token seems to have found a temporary base, consolidating between the price range of $0.00001720 and $0.00001740. This zone has become a critical support level, where the price is stabilizing. Analysts point out that if $SHIB holds above this level, it could potentially set the stage for a breakout.
If the price fails to hold, the next significant support is seen around $0.00001550, which has historically been a strong level for $SHIB. Further below, the $0.00001400 level could act as a safety net for buyers. However, the bulls will need to overcome resistance levels at $0.00001800, $0.00002100, and the significant $0.00002500 to push prices higher.
Shibburn Data and Burn Trends
Recent data from Shibburn indicates a noticeable drop in the number of $SHIB tokens burned over the past 24 hours. Only 506,465 tokens were burned, a 90.69% decrease compared to previous days.
However, over the past week, the total number of tokens burned was 65.19 million, reflecting a 4.5% increase. This trend highlights that while burn activity has slowed recently, the longer-term burn rate remains relatively steady, which could influence $SHIB’s supply and demand dynamics.
Technical Indicators and Market Outlook
Looking at the technical indicators, the RSI (Relative Strength Index) stands at 40.38, indicating neutral to slightly oversold conditions. This could point to potential buying interest if $SHIB continues to stabilize around its current price.
The MACD (Moving Average Convergence Divergence) is still below the signal line, suggesting that bearish momentum persists. However, should the RSI rise above 50 and the MACD reverse its course, it could signal a bullish trend reversal.