- SHIB trades at $0.00001635, up by 2.15% in 24H, but remains below key EMAs, signaling cautious market sentiment.
- RSI at 39.09 shows weak momentum, while MACD nears a crossover, hinting at a potential shift if buying pressure increases.
- SHIB open interest at $101.31M signals reduced speculation, while low volume suggests traders await clearer market direction.
Shiba Inu (SHIB) has been consolidating recently, showing signs of potential movement as the market shifts. The digital asset has managed to rebound from its lowest levels in the past 24 hours. Despite the lack of a sharp breakout, the current setup suggests a move upwards.
SHIB’s Price and Market Movement
On February 11, at press time, SHIB was trading at $0.00001635, a 2.15% gain in 24 hours and a 6.56% rise over seven days. This recovery comes when SHIB is in a phase of consolidation, with the asset hving stability at $0.00001600.
The highest price recorded on the day was $0.00001649, while the lowest dropped to $0.00001573. SHIB has remained below important technical indicators, including the 50 day and 200 day EMAs.
This confirms a broader bearish trend that has persisted since mid December 2024. If the price moves above these EMAs, a shift in momentum could occur. However, the current position shows that the asset is in a cautious phase.
Technical Indicators
The RSI is at 39.09, below the neutral 50 level. This shows weak momentum but does not indicate an oversold condition yet. A move above 50 could suggest a stronger bullish outlook.
The MACD shows that the MACD line is approaching the signal line from below. If a crossover occurs, it could lead to a buy signal, confirming a potential uptrend. However, as of now, the MACD line remains below the signal line, indicating potential bearish pressure.
According to data from Shibburn, SHIB’s total supply is at 589,255,599,779,158 tokens. In the past 24 hours, 3,364,723 tokens were burned, a 51.65% decrease from previous levels. Over the past seven days, 63,363,305 tokens were burned, a 94.56% drop. This reduced burn rate suggests that the deflationary impact on SHIB’s supply has slowed down.
HOURLY SHIB UPDATE$SHIB Price: $0.00001639 (1hr 0.50% ▲ | 24hr 3.65% ▲ )
— Shibburn (@shibburn) February 11, 2025
Market Cap: $9,641,221,964 (3.62% ▲)
Total Supply: 589,255,599,779,158
TOKENS BURNT
Past 24Hrs: 3,364,723 (-51.65% ▼)
Past 7 Days: 63,363,305 (-94.56% ▼)
Key Levels for February 12
A move above $0.00001700 could lead to a move toward $0.00001800, dependent on increased buying volume. If SHIB gains momentum, it may push further to $0.00001850. However, if resistance remains strong and trading volume stays low, the price could consolidate or decline.
If SHIB struggles to reclaim the 50 day EMA, sellers may push the price toward $0.00001550. A drop below $0.00001500 would indicate stronger bearish control, potentially leading to further declines.
SHIB’s total open interest is at $101.31 million, substantially lower than its November 2024 peak. This decline suggests a reduction in leveraged positions, with traders waiting for stronger signals before committing to large moves.
Daily trading volume is at 231.73 million SHIB, indicating lower engagement. A surge in volume would be required for a decisive breakout in either side. If momentum shifts and trading activity increases, the asset could attempt a bullish breakout. However, if interest remains subdued, further consolidation or a downward move could follow.
