- SHIB’s price has hit a 90-day low despite substantial token-burning efforts.
- The trading volume has increased as traders take advantage of the dip.
- There are strong sell signals that suggest significant selling pressure on SHIB.
Despite a token burning of about 1.69B ($17,000) on May 5 in Shiba Inu (SHIB) to raise the value of the remaining tokens, the price has dropped to a 90-day low of $0.000008906 in the last 24 hours.
BREAKING Someone just burnt an astounding 1.69B ($17,000) $SHIB in one transaction. https://t.co/qyEG2xaPEm— SHIB HODLER (@ShibaInuHodler) May 5, 2023
As of press time, bearish dominance was still in effect, resulting in a 4.35% drop to $0.00000901.
During the slump, the SHIB’s market capitalization fell 4.35% to $5,311,997,840, while 24-hour trading volume rose 6.63% to $144,711,296. This rise in trading volume could be attributable to increased activity by traders taking advantage of the price drop to purchase additional SHIB tokens.
SHIB/USD 24-hour price chart (source: CoinMarketCap)
With a score of -4.92 on the SHIB/USD price chart, the Rate of Change (ROC) trend indicates that the bearish momentum is strong and likely to continue. This signifies that the selling pressure exceeds the buying demand, leading the price to fall quicker.
Traders intending to short the market may find that now is a perfect moment to initiate a position, while those who are long may want to consider taking profits or placing stop-loss orders.
The Price Volume Trend reading of -2.836B indicates that the SHIB market is experiencing strong negative momentum, with more sellers than buyers driving down prices. If the PVT continues to fall, it could imply a further downturn in the SHIB market.
SHIB/USD chart (source: TradingView)
With a reading of 0.00, the stochastic RSI has fallen below its signal line, indicating that the SHIB/USD’s market bearishness is significant. However, because the market is oversold, it may enjoy a short-term rebound as traders take advantage of the low prices.
The negative momentum is supported by the technical rating display of a “strong sell” on the SHIB price chart, which signals considerable selling pressure.
SHIB/USD chart (source: TradingView)
Despite a token burn, SHIB’s price hits a 90-day low. Traders may want to short the market, while long traders could consider taking profits or placing stop-loss orders.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
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