Shiba Inu (SHIB) is currently navigating a challenging period, with its price hovering near a crucial support level and facing bearish signals from the derivatives market. The presence of a massive 142 trillion unburned SHIB tokens adds further pressure to the token’s price stability.
Bearish Trends in Derivatives Market
The Shiba Inu derivatives market has exhibited bearish sentiment, with declining trading volume and open interest. Long traders have experienced significant liquidations, indicating a cautious approach from investors.
Read more:Massive 880% Burn Rate Surge for Shiba Inu! How High Can SHIB Go?
Key Support Levels and Technical Indicators
The $0.0000181 level has acted as a vital support zone for SHIB, but a consistent break below this level could lead to further downside risk. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are currently sending bearish signals, suggesting weakening bullish momentum.
Read more:Shiba Inu on Notice? New Meme Coin GOAT Attracts Whales and 10x Growth Potential!
Holder Distribution and Long-Term Interest
Despite the bearish trends, 53% of SHIB holders remain in profit, indicating strong long-term interest. However, the concentration of 73% of the total supply among large holders could lead to price volatility.
Read more:Shiba Inu Surges 36.98% in October: Is This the Start of a New Trend?
Price Forecast for 2024 and Beyond
While the current outlook for SHIB is challenging, experts predict that the token could trade around $0.0000170 by the end of 2024. However, the unburned token supply remains a significant factor that could impact the price trajectory.
