Shiba Inu: Is there any respite in sight for SHIB holders?

• Shiba Inu’s price declined significantly over the last month.
• Social volume around SHIB continued to grow, but overall sentiment declined.

Shiba Inu’s [SHIB] price has been seeing massive volatility over the last few days. However, in recent times, its overall price movement has been mostly negative.

Bulls vs Bears

Over the last month itself, SHIB declined by 6.49%.  During this period, the price showed multiple lower lows and lower highs. This indicated that SHIB was moving in a bearish trend.

Moreover, the meme coin’s RSI had declined and reached 41.33 at press time. This signaled weakening momentum in the cryptocurrency’s price movements.

With an RSI value of 41.33 falling below the standard threshold of 50, it indicated a shift towards bearish momentum.

This suggested that selling pressure has been prevalent, potentially leading to oversold conditions.

A low RSI could also be interpreted as a possible precursor to a price rebound or a slowdown in the current bearish trend.

Additionally, the CMF of SHIB was at 0.13. The CMF is an indicator that measures the flow of money into or out of an asset, providing insights into buying and selling pressures.

A CMF of 0.13 suggested positive money flow, indicating that there is still a considerable amount of buying pressure in the market.

The high CMF may convey that despite the bearish sentiment indicated by the RSI, there was ongoing interest and financial support for SHIB, possibly influencing future price movements.

Source: TradingView

Of sentiment and burns

It’s also crucial to consider the impact of token burning on SHIB’s price dynamics. Over the last 24 hours, a substantial amount of SHIB tokens, specifically 3,309,756, were burnt.

The act of burning tokens can potentially contribute to scarcity, influencing supply and demand dynamics and, consequently, affecting the token’s price.

HOURLY SHIB UPDATE$SHIB Price: $0.00000892 (1hr 0.18% ▲ | 24hr -0.63% ▼ )
Market Cap: $5,257,241,095 (-0.68% ▼)
Total Supply: 589,291,708,532,684

TOKENS BURNT
Past 24Hrs: 3,309,756 (-34.74% ▼)
Past 7 Days: 176,109,945 (55.27% ▲)

— Shibburn (@shibburn) February 6, 2024

On the social front, the overall Social Volume for SHIB has remained relatively consistent over the last few weeks.

How much are 1,10,100 SHIBs worth today?

However, Weighted Sentiment had declined, suggesting that there was a negative outlook towards SHIB on social media platforms.

These factors may impact SHIB’s price movement in the long run. At press time, SHIB was trading at $0.00000891.

Source: Santiment