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SHIB Price Drops 2.10% as Volume Spikes and Bearish Pressure Mounts

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Shiba Inu (SHIB) has come under renewed selling pressure, posting a 2.10 percent decline over the past 24 hours. The meme-based crypto is now trading at $0.00001274, reflecting cautious investor sentiment amid increased market activity.

Despite the downward move, SHIB’s trading volume surged nearly 14 percent during the same period. This sharp uptick in volume suggests heightened engagement from market participants, even as the price continues to face resistance.

SHIB’s recent price action has been marked by short-term volatility, with prices swinging within a narrow range. Intraday movements show quick spikes followed by dips, a signal of market indecision and weak momentum.

Also Read: Sui Overtakes Solana in Key Metrics as ETF Buzz Sparks Investor Frenzy

Selling Pressure Holds SHIB Below Key Resistance Levels

Technical data reveals that SHIB is struggling to break through immediate resistance at $0.00001304. This level was recently tested but failed to hold under sustained buy interest, causing a retreat.

Resistance has grown between the prices of $0.00001295 and $0.00001298. Sellers continually come in near this area which puts extra pressure on prices and limits how high they climb.

It’s important to mention that the current support is between $0.00001267 and $0.00001270. At multiple points in the day, tests were done on this area and it held back any additional declines.

On the other hand, a more substantial support point can be found at $0.00001260 and it’s regarded as both psychological and technical. A rate again below 50 could cause stocks to drop and show there is a higher possibility of further losses.

Token Burns and Indicators Reflect Mixed Market Signals

SHIB’s token burn activity has seen a modest increase of 4.19 percent, leading to the destruction of nearly 19 million tokens. With over 410 trillion tokens burned so far, the effort to reduce supply continues steadily.

The total number of SHIB is now 589 trillion coins and about 584 trillion are circulating right now. Besides, about 4.7 trillion tokens are tied up in staking which affects the sheer volume being bought or sold.

Technical indicators still lack the strength we would like to see, as there is no bullish signal from the MACD and the RSI has fallen to 37.42, nearing oversold territory.

Shiba

Source: Tradingview

With little buying going on, Shiba Inu tokens may continue to fall under pressure. Market participants are expected to approach the coin with caution as selling pressure continues to dominate.

Also Read: North Korea’s Crypto Scam Busted: Millions Laundered Through NFTs, AI

The post SHIB Price Drops 2.10% as Volume Spikes and Bearish Pressure Mounts appeared first on 36Crypto.

20h ago
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