Shiba Inu (SHIB) is currently facing a challenging downtrend, despite a slight uptick in price over the last 24 hours. The big question on investors’ minds is whether SHIB can break out of this trend or if this increase is just a temporary blip.
As of the latest data, SHIB is trading at $0.00001276, reflecting a 2.17% increase in the past day. However, the price is still down by 1.15% over the past week. The trading volume for SHIB is at $163,987,891, with a market cap of $7.47 billion. Despite the recent minor gain, the overall trend shows continued weakness. Analysts point out that SHIB has been on a steady decline since December 2024, with lower highs preventing any significant breakout.
While there is a solid support level around $0.00001250, repeated failures to breach the descending trendline indicate a prevailing bearish sentiment. A clear breakout with substantial volume is necessary to confirm a reversal in trend; otherwise, investors should brace for a potential drop towards $0.00001000.
In terms of technical indicators, there are mixed signals for SHIB. The Relative Strength Index (RSI) currently stands at 39.56, suggesting weak momentum but not yet reaching oversold levels. A move above 41.17 could signal a short-term rebound. The Moving Average Convergence Divergence (MACD) indicator remains slightly negative, with the signal line close to zero. A bullish crossover, where the MACD line crosses above the signal line, could indicate a shift in favor of buyers.
One notable development in SHIB’s ecosystem is the increase in token burns, which have reduced the circulating supply of SHIB. Recent transactions have permanently removed significant amounts of SHIB from circulation, increasing scarcity. However, the impact of these burns on price remains uncertain. With SHIB’s circulating supply still high, a more aggressive burn strategy or increased demand is needed to drive meaningful price growth.
There is also speculation surrounding the absence of Shiba Inu’s lead developer, Shytoshi Kusama, from social media. While Kusama has been quiet online, the marketing lead for SHIB, Lucie, has reassured the community that his absence is intentional. She mentioned that Kusama is focused on expanding the project’s reach and potentially engaging in strategic partnerships behind the scenes. However, some investors are concerned about the lack of communication.
Kusama has a history of taking breaks from social media before returning with significant announcements. His intermittent presence online has sparked various theories among the community. In the past, he has explained his absence as being tied to business and personal reasons, as well as intense work on ecosystem development.
Overall, the future trajectory of SHIB remains uncertain, with key factors like price action, technical indicators, token burns, and the involvement of key figures like Shytoshi Kusama playing a role in shaping its path. Investors are advised to exercise caution and stay informed about developments in the SHIB ecosystem.