Shiba Inu Price Holds at $0.000012 Amid Market-Wide Selloff
Shiba Inu (#SHIB) price found support at $0.000012, declining 4% on August 5 amid profit-taking in the broader crypto market. Despite this, market metrics indicate resilience among SHIB investors.
Key points include:
- Spot trading volumes increased nearly 40%, rising from $154 million to over $215 million.
- Futures trading volume for SHIB rose by 25%, indicating heightened interest among speculative traders.
- The long-short ratio improved, suggesting expectations of potential profit gains.
Current price action shows SHIB is retracing but holding above key support. The Super Moving Averages indicate mixed momentum, with the 5-day and 8-day SMAs below the 13-day SMA, suggesting bearish pressure. However, clustering averages imply uncertainty in market trend.
Relative Strength Index (RSI) at 45.61 indicates easing downside momentum. If SHIB maintains above $0.000012 and reclaims the 8-day SMA at $0.00001238, it could target $0.00001300. Failure to hold $0.000012 may lead to further declines toward $0.0000115 or lower.
Additionally, investors are diversifying into early-stage Solana projects like Solaxy (SOLX), which offers attractive staking yields and upcoming listings as Shiba Inu buyers seek growth opportunities.