Shiba

Ethereum

Flow

bullish

Shiba Inu

<ul class="wp-block-list">
 <li>SHIB has declined by 4.35%, over the past 24 hours.</li>
 <li>The burn rate of SHIB has dropped by 89.70%, a total of 532,258 tokens were burnt.</li>
</ul>
The start of this week was bearish as the tokens were grappling to recover from their recent lows. Along with the meme coin market is priced in red, and some <a href="https://thenewscrypto.com/memecoins-lead-market-recovery-by-hitting-new-highs/" target="_blank" rel="noopener noreferrer nofollow">meme coins</a> are recovering. Among them, the dog-themed meme coin, Shiba Inu (SHIB), has lost over 4.35% over the past 24 hours.&nbsp;
SHIB appears to approach a crucial threshold, with the potential to decline further. Notably, in the early hours, the meme coin traded at $0.00001858. It eventually began to slide to the current price levels. At press time, the meme coin traded at $0.00001744, with the trading volume staying at around $462 million, according to CMC <a href="https://coinmarketcap.com/currencies/shiba-inu/" target="_blank" rel="noopener noreferrer nofollow">data</a>.&nbsp;
However, SHIB’s burn rate has been displaying a decline of over 89.70% in the past 24 hours; approximately 532,258 SHIB tokens have been burned, as per the <a href="https://www.shibburn.com/" target="_blank" rel="noopener noreferrer nofollow">data</a>. While the weekly burn rate was down by 99.15%. To date, the Shiba Inu ecosystem has burned a total of 410.73 trillion SHIB, leaving over 583.51 trillion SHIB in circulation.&nbsp;
<h3 class="wp-block-heading" id="h-will-shib-continue-underperforming">Will SHIB Continue Underperforming?&nbsp;</h3>
SHIB has registered upward momentum over the last thirty days, with a 33.44% increase. Whereas, the past week was priced in red, dropped by 6.55%, and the asset started trading at $0.00001849. Eventually, the token’s price fell sharply to a low of $0.00001556.&nbsp;
The four-hour technical chart of SHIB displays the daily relative strength index (RSI) positioned above 45, entering into the neutral sentiment. Moreover, the asset’s short-term 9-day and long-term 21-day moving averages are noted at $0.00001734 and $0.00001532, respectively.&nbsp;
Besides, the Chaikin Money Flow (CMF) indicator stays at -0.10, which indicates the decreased money flow with selling pressure. Whereas the daily trading volume has declined by 12.90%.&nbsp;
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXddjahIit80uxbf2B6R-iTCOdhzPNdFUaIl_CoKlvkdTf_9EUVsHCu7tHJl_L6gt6s3Gc1NMXauEBkJxh3yWA17nMGLQPcbHL9ACPuqpis7fBST6Ep5DaHp75V4BK-qBT_l2czTt4NbzLAKhIsaHEMEd0DQ?key=cf_sVlKtVQBJCy7tJ_-5yQ" alt="">
 <figcaption class="wp-element-caption">SHIB price chart (Source: <a href="https://in.tradingview.com/symbols/SHIBUSDT/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
If the bullish conditions arrive in the market, SHIB’s price could likely rally to $0.00001927. It could rise further if the momentum persists. However, if the asset’s price attempts a reversal on the support side, the major support zone might be at $0.00001554.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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Can Shiba Inu (SHIB) Signal a Bullish Move on the Charts This Week?

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