Comprehensive News and Technical Analysis Brief:
In the last 12 hours, Shiba Inu (SHIB) has seen a decline in price, now trading at $0.00001313, reflecting a drop of around 4.88%. Over the past week, SHIB has struggled to maintain momentum, with a 3% loss, pushing it further from the $0.000014 range(CoinMarketCap)(CoinGecko).
US and International Developments:
Shiba Inu has faced increased market volatility, with decreasing trading volume and growing bearish sentiment. Over the last week, SHIB’s trading volume has dropped by approximately 10%, raising concerns about the token’s short-term outlook(Benzinga). Despite this, the Shiba Inu ecosystem continues to expand, particularly through Shibarium, a Layer 2 scaling solution that promises to reduce transaction costs and improve transaction speeds(Binance). This development could improve long-term adoption and price stability, but its short-term impact is yet to be fully realized.
Technical Analysis:
Shiba Inu’s current price decline brings it close to a critical support level of $0.000013, with analysts pointing out that a drop below this level could see SHIB retrace further toward $0.000012. On the upside, SHIB would need to break through resistance at $0.000014 to regain bullish momentum. With technical indicators currently flashing mixed signals, SHIB remains in a volatile state(TradingView)(CoinMarketCap).
Current Metrics:
- Price: $0.00001313
- Market Cap: $7.75 billion
- 24h Volume: $123 million(CoinMarketCap)(Binance).
While SHIB faces short-term challenges, the expansion of its ecosystem and the potential for broader adoption could lead to future price improvements. Traders should monitor key support and resistance levels for upcoming movements.
