Shiba Inu Breaches High-Volume Support Amid Market Risk-Off Mood
Memecoins Shiba Inu (SHIB) and PepeCoin (PEPE) have shown disappointing performance, reflecting a risk-off sentiment in the crypto market.
Key points for SHIB:
- Price volatility observed with a peak at 0.00001336 and a decline to 0.00001297, showing a range of 0.00000039 (2.96%).
- High-volume support formed at 0.00001310, with trading volume surpassing 573 billion, exceeding the average of 276 billion.
- The price action created a descending channel, repeatedly testing resistance at 0.00001320, indicating bearish pressure.
- An overnight burn rate increased by nearly 140%, removing 39.49 million SHIB tokens from circulation.
- Open interest in SHIB derivatives rose by 2.03% to approximately $158.65 million.
For PEPE:
- Recovery from May 31 lows gained momentum but faced rejection at the 200-day SMA, impacting market valuation back to $5.2 billion.
- This rejection may lead to further selling pressure, potentially retesting the 50-day SMA support at $4.64 billion.
- The 50-day SMA's upward crossover with the 100-day SMA suggests a potential bullish shift in momentum despite current pressures.