- Shiba Inu (SHIB) is in a tense battle at the 59 trillion SHIB level, with bulls and bears fighting for control.
- Recent price movements show volatility, with conflicting signals from technical indicators.
A major struggle is raging over Shiba Inu (SHIB) as bulls and bears square off over its current trading range of 59 trillion SHIB. There are two possible outcomes that could have a big impact on cryptocurrency in the near future, making this battle very important.
In the short run, the direction of the cryptocurrency will probably depend on its capacity to maintain or surpass the 59 trillion SHIB threshold.
Potential Scenarios
Analysts present two possible outcomes in light of SHIB’s performance in the current conflict. In the first case, ongoing demand and momentum may be indicated if SHIB can maintain the 59 trillion SHIB level and rise. This scenario could lead to an advance by indicating that buyers are ready to defend and accumulate SHIB at this point.
On the other hand, if SHIB gives in to selling pressure and cannot hold support at the 59 trillion SHIB level, this may signal a change in market mood. Bears would probably seize the initiative and move SHIB to the next support level. The result of this conflict will have a big impact on the direction of SHIB’s price in the upcoming days and weeks.
The current scenario is further contextualized by insights from IntoTheBlock’s Global In and Out of Money data. About the current trading range of SHIB, 76,240 addresses purchased 59.76 trillion SHIB. This information emphasizes the importance of the 59 trillion SHIB level to the current bull-bear conflict.
In a favorable breakout, SHIB may aim to hit the next resistance level when 322,000 addresses bought 226.25 trillion SHIB at an average price of $0.000011. This range, between $0.000009 and $0.000014, can potentially eliminate a zero from SHIB’s price and produce large upside profits.
On the other hand, if there is a bearish collapse, SHIB may test the next level of support, which is the $0.000008 average price at which 63,730 addresses purchased 25.93 trillion SHIB. Bulls might intervene in this situation to stop additional losses, which could give the price of SHIB a floor.
Price Analysis
Recent price changes for SHIB paint a mixed picture, as volatility and downward pressure are present in the company’s performance. SHIB has dropped 6.49 percent in the last month, indicating a negative trend. Technical indicators like the Relative Strength Index (RSI) are also supporting bearish momentum, with the RSI currently sitting below the traditional 50-point mark at 41.33.
Nonetheless, the Chaikin Money Flow (CMF) tells a different tale than the bearish sentiment suggested by the RSI. SHIB displays positive money flow with a CMF of 0.13, indicating sustained market buying pressure. SHIB is trading at $0.000008864, down 0.09% over the past 24 hours.
Token Burning and Social Impact
Apart from fluctuations in price, SHIB’s trajectory is largely influenced by token burning and social sentiments. In the last 24 hours, investors burned a significant portion of SHIB tokens, totaling 2,000,177. The token burning can influence Supply and demand dynamics, a procedure that aims to reduce the token supply. Burning tokens can increase scarcity. Additionally, social sentiment of SHIB is still largely unchanged, as seen by the recent stability of the total Social Volume.
