Shiba Inu Records 8% Weekly Decline but Anticipates Monthly Gain
Shiba Inu (SHIB) is experiencing a challenging week, with the price dropping to $0.00001263, the lowest since July 10. Key points include:
- SHIB is down nearly 9% this week and over 2% in the last 24 hours.
- The CoinDesk Memecoin Index has decreased by 10% over the past week.
- Despite aggressive burn initiatives, investor interest remains low, favoring utility-driven projects over speculative ones.
Key Insights
- Price fell 2.28% from $0.000013107 to $0.000012809 in 24 hours ending July 30, 14:00.
- 600 million tokens were burned in a single session, increasing the destruction rate by 16,710%.
- Competitors like BONK, PENGU, and Remittix are attracting traders as SHIB loses its market dominance.
Technical Levels
- Resistance at $0.000013184 during the 17:00 session; support at $0.000012663.
- Trading bandwidth is $0.0000005215, about 4.12% of the total range.
- A volume surge of 43.5 billion tokens occurred during a brief rally.
- Market activity shows a three-wave pattern: consolidation, distribution, and short-covering.
Bullish Signals
The monthly chart indicates an inverted hammer candle may form for July, suggesting buyers are re-emerging despite recent lows. This pattern hints at potential bullish reversal if buying pressure continues.
