Shiba Inu (SHIB) has experienced a bearish breakdown recently, failing to maintain its price growth. Currently, Shiba Inu is down by 1.68% in the past 24 hours, trading at $0.00002553. This breakdown is quite comprehensive, with a 30-day decline of 4.44%, ranging from a low of $0.00002071 to a high of $0.00002796.
The decline in Shiba Inu’s price is accompanied by other contributing factors. The 24-hour trading volume has decreased by 49.39% to $625,802,833. Despite reaching a peak of $1 billion in a single day earlier this week, the trading volume has significantly dropped.
With this breakdown, Shiba Inu’s market may be allowed to follow its natural course. This means that the token might experience further selling pressure until key indicators such as the Relative Strength Index (RSI) and Bollinger Bands signal a potential reversal in the trend.
Additionally, the actions of Shiba Inu whales, who hold significant amounts of the token, could impact what happens next. If they continue to accumulate SHIB, the scarcity of supply could increase, potentially leading to a price surge.
Shiba Inu’s dynamic nature has made it a prominent player in the deflationary trend. The project burns millions of SHIB tokens daily, positioning itself for a potential rally in the long term. Moreover, apart from token burning, Shiba Inu aims to drive utility within its ecosystem, and it plans to achieve this through the launch of Shibarium, an Ethereum layer-2 scaling solution.
Taking all these factors into account, SHIB aims to maintain support at the $0.000025 level while working towards reclaiming the $0.00003 level in the medium term.