- Shiba Inu price retraces after recording a 30-day high in the last 24 hours.
- Falling market capitalization and trade volume suggest investors are cashing out after a bull run.
- Technical indicators indicate that the market is overbought and a correction is impending.
After hitting a 30-day high of $0.000007697, the Shiba Inu’s (SHIB) bullish momentum stalled, with the price falling to an intra-day low of $0.000007163. However, bulls were able to rally and buck the downward trend, with SHIB trading at $0.000007376.
Despite the brief slump, this price rebound suggests that there is still strong purchasing demand in SHIB. On the other hand, if the support at $0.000007163 is broken, the next support level to watch is $0.000007000. If the bullish trend continues, SHIB might break out over the resistance level of $0.000007500 and continue its upward momentum.
During the spike, the SHIB’s market capitalization and 24-hour trading volume plummeted by 0.03% and 20.97%, respectively, to $4.35 billion and $196.78 million. This dip in market capitalization and trading volume is attributed to profit-taking on the part of investors. Despite the recent drop, however, dema…
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