Shiba Inu surges 11% in 48 hours, but SHIB is not out of danger yet

• Shiba Inu was hovering at a key support level at around $0.00001745.
• Metrics indicated bearish signals.

Shiba Inu’s [SHIB] price was hovering around a key support level of $0.00001745. The memecoin’s recent price action has been a roller coaster, as it has witnessed a steep 35% decline since the 6th of June. 

This key support is vital for further price movements.

Notably, after an impressive 11% surge in the last 48 hours, bearish momentum seems to be building once again. 

Source: TradingView

As of this writing, CoinMarketCap had priced SHIB at $0.00001746, a 0.52% increase in the last 24 hours and a 4.56% decrease in the last seven days. Its trading volume declined by 37.25% to $1.97 billion.  

The stochastic RSI (15.2) was in an oversold zone at press time, suggesting a potential price reversal. The MACD indicator shows fading bearish momentum.

Put together, these factors indicate that the accumulating bearish momentum could dip prices further. 

SHIB’s data suggests…

AMBCrypto analyzed Coinglass’ liquidation heatmap data. The data indicated significant liquidation leverage around the current price levels.

This suggests that if the price dips below the support level, prices could dip further.

Source: Coinglass

According to Shibburn, SHIB’s burn rate surged by 29.76% in the last 24 hours. A total of 17,191,209 SHIBs were burned. If the support holds, this reduction in supply may put upward pressure on the price.

Source: Shibburn

Meanwhile, the long/short ratio data indicated a balanced market between long-term and short-term investors.

They seem split on SHIB’s next move, with sentiment swinging back and forth over the past month.

Source: Coinglass

Read Shiba Inu’s [SHIB] Price Prediction 2024-25

What’s next for SHIB?

Shiba Inu’s price was at a key support zone of $0.00001745. The bearish momentum was building after the recent surge.

If the bearish pressure manages to break below this level, SHIB will dip further. However, if the current surge accumulates enough momentum, prices will surge.