- SHIB trades near $0.00001322, showing 3.91% daily growth but remains down 7.76% over the past week amid consolidation.
- MACD shows fading bearish momentum, and RSI at 42.54 suggests recovery signs from oversold levels.
- 79% of SHIB holders have held for over a year, with whales controlling 74% of supply, indicating strong long-term conviction.
Shiba Inu (SHIB) is trading within a narrow price band as technical indicators flash mixed signals. On May 3, at the time of writing, SHIB was trading at $0.00001322. This is a 3.91% increase over 24 hours, while the monthly gain is at just 0.30%.
However, the asset had a 7.76% decline over the past week. Market cap is at $7.79 billion, a 3.80% rise, with a 24 hour trading volume of $162.26 million, up by 20.63%. These movements come as the market awaits a clear breakout or breakdown from current support levels.
Price Holds Above Key Support
Shiba Inu recently pulled back from a local high near $0.00001500 in mid-May. Following that peak, the price found support at the $0.00001300 range. According to the price pattern, the asset has entered a consolidation zone with limited volatility.
The RSI is at 42.54, placing it below the neutral line. This suggests subdued momentum, though the index shows signs of recovering from recent oversold levels. Momentum indicators provide further insights.
The MACD shows a bearish trend, with the MACD line at -0.000000292 and the signal line at -0.000000072. Despite this, the narrowing histogram gap at -0.000000219 points to a potential shift, as bearish strength appears to be fading gradually.
Investor Metrics Show Long-Term Holding Confidence
IntoTheBlock data shows that 38% of SHIB holders are currently in profit, while 4% are at breakeven. A majority, 58%, are holding at a loss. Notably, 74% of the token supply is concentrated among large holders, indicating significant control by whales.
Holder distribution shows long term conviction, with 79% of wallets holding SHIB for over one year. Additionally, only 2% of holders have entered within the past month. Correlations with Bitcoin also provide context.
SHIB’s price correlation with Bitcoin is at 0.32, suggesting limited movement with the broader market leader. Over the last seven days, large transaction volume reached $160.32 million, supporting the ongoing activity by institutional or high-value investors.
Support and Resistance Define Short-Term Trading
SHIB faces immediate resistance at $0.00001350, with a further top around $0.00001450. On the downside, short-term support is at $0.00001300. A deeper bottom has formed at $0.00001250, a key level for downside protection.
With a volume to market cap ratio of 2.08%, liquidity is moderate relative to its valuation. Circulating supply is at 589.24 trillion, nearly matching the maximum of 589.55 trillion.
June 4 Potential Prices
If volume rises and MACD confirms a bullish crossover, SHIB could test $0.00001420. If RSI weakens and volume drops, SHIB may decline to $0.00001250. Shiba Inu remains in a narrow trading range.
Technical indicators show both recovery signals and continued caution. RSI and MACD show weakening bearish strength, while investor data suggests long-term holders dominate the SHIB market. Key support and resistance levels will guide short-term movement.
