Shiba Inu Price Slips 3% As RSI Weakens, Is $0.00001164 The Next Stop?

The post Shiba Inu Price Slips 3% As RSI Weakens, Is $0.00001164 The Next Stop? appeared first on Coinpedia Fintech News

Shiba Inu price is under the claws of bears after a fresh sell-off pushed its value down by 3.46% today to $0.00001225. The meme token’s market capitalization slipped to $7.21 billion, while 24-hour trading volume fell 12.26% to $183.75 million.

Wondering what led to the fall? Well, there are several factors weighing heavily on sentiment. SHIB’s daily burn rate collapsed by 98.89%, weakening its deflationary appeal. Also, Shibarium network activity fell 22% to 3.65 million daily transactions. In addition, $111,840 worth of long positions were liquidated in just one hour versus only $16.50 in shorts. Thereby, triggering panic selling and amplifying downward pressure.

Despite the bearish backdrop, we do have a brighter side. Billions of SHIB are leaving exchanges, including 3 trillion tokens from Coinbase and 110 billion from Binance. Further, indicating whale accumulation rather than mass selling. Moreover, Valour has launched a SEK-denominated Shiba Inu ETP in Europe.

Shiba Inu Price Analysis

Technically speaking, SHIB price broke below the 20-day SMA at $0.00001224 and is now testing the Fibonacci 38.2% support near $0.000013207. The MACD histogram turned negative, confirming weakening bullish momentum. The RSI at 39 suggests bearish pressure with room for further downside before hitting the oversold territory.

Traders need to know that the key support lies at $0.00001164. A decisive close below this level could open the door to a 15% slide toward July lows around $0.000010. On the upside, immediate resistance sits near $0.00001311, and a breakout above this level would signal renewed buying strength.

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