Shiba Inu (SHIB) is experiencing a pullback, testing crucial support levels as market sentiment remains mixed. After a brief rally, SHIB is currently trading around $0.000008443, down 2.8% in the last 24 hours. The meme coin's market cap is nearing $5 billion, with a 24-hour trading volume exceeding $113 million. Traders are closely monitoring the $0.00000838 support level, which could determine SHIB's short-term direction.
Technical indicators show that the Supertrend line provides support at $0.000007540, suggesting a potential bullish reversal if SHIB holds above this level. However, resistance at $0.000009546 poses a challenge, with the Supertrend indicating a bearish trend. The ADX indicator at 33.45 reflects a strong but not extreme trend, allowing room for movement in either direction.
Futures flow data reveals mixed market sentiment, with an 8-hour net inflow surge of 2917.26% (+$175.23K), indicating increased short-term activity. However, a 24-hour outflow of $1.04M suggests caution among traders. The longer-term outlook remains cautious, with significant outflows over the past five days.
Shiba Inu (SHIB) Tests Key Support Amid Market Uncertainty
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