SHIB’s burn rate is up 148% in the last 24 hours. SHIB has been trading within a tight range for the past two weeks.
According to data from Shibburnhave seen a significant increase in Shiba Inu numbers in the past 24 hours [SHIB] coins burned. With 3.33 million SHIB tokens withdrawn from circulation during that period, SHIB’s burn rate increased by 148%.
At the time of writing, SHIB was trading at $0.0000106 per token. While trading volume fell 26% in the past 24 hours, SHIB’s price rose 0.17%, according to data from CoinMarketCap.
While the price increase remained negligible, the difference between price and trading volume over the past 24 hours suggested that the buyers were exhausted, as the buyers present in the SHIB market could no longer initiate a price rally during that period.
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To buy or not to buy remains the million dollar question
While a review of SHIB’s moving average convergence/divergence (MACD) revealed the start of a new bull cycle on March 16, the meme coin has been trading sideways ever since.
Due to the lack of liquidity needed to drive the price and support a rally, SHIB has fluctuated between $0.000010 and $0.000011 over the past two weeks.
Furthermore, a review of SHIB’s key momentum indicators indicated that the market has stagnated over the past two weeks, with neither buyers nor sellers having a significant upside.
At the time of going to press, SHIB’s Relative Strength Index (RSI) stood at 44 below the neutral 50. On the other hand, the Money Flow Index (MFI) rested at 52 above the midline.
Similarly, the dynamic line of the alt’s Chaikin Money Flow (CMF) has fluctuated between 0.03 and 0.04 since the start of the new bull cycle. This usually indicated that there was little buying or selling pressure in the market.
It also suggested that the SHIB remained within a tight range as buyers and sellers waited for a defining event to determine the asset’s future price direction.
Realistic or not, here is SHIB’s market cap in terms of ETH
While the market remained in a consolidation phase at press time, a look at SHIB’s Directional Movement Index (DMI) gave sellers control of the SHIB market on a daily chart.
At the time of writing, the strength of the sellers (red) at 17.69 was above that of the buyers (green) at 16.03. Therefore, caution is advised as further liquidity exit from the market could widen the gap, making it tedious for buyers to regain control.
Source: SHIB/USDT on TradingView
This post Shiba Inu [SHIB] investors sit and stay as the price of the token plays dead
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