Shiba Inu Price Drops 1.79% as Analyst Maintains a 500% Uphill to $0.000081 Mark

Highlights:

• Shiba Inu’s price has decreased by 1.79% to $0.000012 despite the daily trading volume increasing by 5%.
• A popular analyst maintains the $0.000081 breakout target for the Shiba Inu price. 
• CoinGlass data shows a drop in volume and open interest, signaling further consolidation.

The Shiba Inu price struggles to break above key barriers, exchanging hands at $0.000012. It is currently down $1.79%, despite the rise in daily trading volume by 5%. However, the meme market as a whole is down 2.3%, as its market cap sits at $55 billion. The meme market has seen a downtrend over the past 24 hours, with the dog-themed meme coin leading the pack with a 2.2% decrease. 

Despite the bearish outlook, various investors and analysts are optimistic about a potential surge in the SHIB market. A prominent analyst, Javon Marks, has highlighted via X that he still maintains the $0.000081 breakout target for Shiba Inu, projecting a nearly 500% uphill run to reach it.

Shiba Inu Price Outlook

The SHIB price shows some bearish prospects, as the bulls are nowhere to be seen. This is manifested as the Shiba Inu price trades below both the $50-day and 200-day, establishing immediate resistance at $0.0000127 and $0.000018.

Meanwhile, the meme coin has moved into consolidation, which may act as an accumulation period before a strong upward leg. If the bulls build momentum and flip the $0.0000127 into support level, they could spike a short-term rally. In such a case, they could target the $0.000014, $0.000015, and $0.000018 mark. However, to validate a bullish sentiment in the SHIB market, the Shiba Inu price must overcome the key resistance at $0.000018.

Meanwhile, the SHIB Relative Strength Index sits below the 50-mean level at 45, indicating some bearish prospects. It currently sits at 45, tilting the odds toward the bears. However, an increased buying appetite could see the RSI step above the 50-mean level, invalidating the bearish sentiment. 

On the downside, if the bearish momentum keeps dominating, Shiba Inu price could keep consolidating or fall through. In such a case, the $0.0000121 support would be in line to absorb the potential selling pressure. A breach below this level may see a deeper correction towards $0.000011 and $0.000010, igniting panic selling in the market. 

SHIB Derivatives Data

A quick look at Coinglass data shows a drop in volume and open interest in the Shiba Inu market. The volume has dropped by 7.71% to $86.19M, while the open interest has decreased by 5.78% to $151.50M. The declining volume indicates low trading activities, as the open interest points towards the traders closing out their positions, which may lead to a shift in market sentiment. However, this may cause further consolidation or a potential reversal if the bulls gain strength and regain dominance. 

On the other hand, the Shiba Inu total liquidations in the past 24 hours have accumulated to $153K. The long liquidations have garnered the lion’s share of $134K, as the shorts took the rest of $19K. This generally means a short-term bearish outlook. With the long liquidations surpassing the shorts, it suggests that many investors are betting that soon the Shiba Inu prices could surge. For now, the traders and investors should closely monitor the technical indicators and the resistance levels, as a push above them could call for a bullish outlook.