The post Is Shiba Inu Price Gearing Up for a Bounce After Recent Sell-Off? appeared first on Coinpedia Fintech News
Shiba Inu is taking bold strides beyond its meme coin image. This comes with the recent beta launch of Shib Alpha Layer, a privacy-focused rollup stack built on Fully Homomorphic Encryption. Created in collaboration with cryptography firm ZAMA, this tech enables smart contracts to process encrypted data without exposing sensitive information. Thereby, unlocking dApp potential in healthcare, finance, and more. This layer brings together various RollApps into a unified interface on Shibarium, enhancing scalability and practicality.
However, despite this leap in utility, Shiba Inu’s price is under pressure. A massive 211 million SHIB sell-off shook the market yesterday, overshadowing the bullish narrative. Stick onto this Shiba Inu price analysis, as I examine where the price action stands now.
Shiba Inu (SHIB) Price Analysis
Shiba Inu at the time of press is changing hands at $0.00001171, with a 1.36% dip in the past 24 hours and a sharper 12.68% decline over the week. Its market cap has slipped to $6.9 billion, while the intraday trading volume hovers around $153.42 million, showing a minor 0.60% decrease.
On the 4-hour chart, SHIB is struggling below the 20-period SMA Bollinger Band midpoint at $0.00001194. The price hugging the lower Bollinger band reflects persisting downward pressure. However, a slight bounce from $0.00001152 hints at reactive buying interest.
The RSI stands at 42.30, inching upward from oversold levels, suggesting early signs of bullish divergence. However, the RSI being below the neutral 50 mark indicates that sellers still hold dominance. Technically speaking, I believe a break above $0.00001194 would be the first bullish signal. Contrarily, a fall below $0.00001137 could open the door to the psychological support zone at $0.00001100.
Curious about SHIB’s next big move? Read our Shiba Inu (SHIB) Price Prediction 2025, 2026-2030!
FAQs
A 211M SHIB sell-off and broader market weakness have impacted the SHIB price negatively.
RSI near 42 suggests SHIB is nearing oversold territory, but not extreme levels yet. A rebound is possible if buying volume increases.
The immediate resistance lies at $0.00001194. A breakout above this could flip short-term sentiment bullish.