Shiba Inu SHIB/USD continues its sideways consolidation trajectory, but high burn rates fuel optimism among traders that a breakout could soon be on the cards.
| Cryptocurrency | Price | Market Cap | 24-Hour Trend | 7-Day Trend |
| Shiba Inu SHIB/USD | $0.00002801 | $16.5 billion | -2.1% | -6.6% |
| Dogecoin DOGE/USD | $0.4061 | $59.8 billion | -1% | -5.3% |
| Pepe PEPE/USD | $0.00002377 | $9.9 billion | -2.4% | +12.4% |
Trader Notes: Crypto trader TheCryptoBull noted that Shiba Inu's chart "looks primed for launch very soon," suggesting imminent bullish movement.
Benzinga's technical analysis supports this sentiment, with Shiba Inu's Relative Strength Index (RSI) at 54.5 as of Dec. 12.
In a bullish market, RSI typically ranges from 40 to 90, with 40–50 acting as a support zone.
The Simple Moving Average (SMA) analysis also shows the 50-day SMA crossing above both the 100-day and 200-day SMAs, signaling bullish momentum and a buy signal for traders.
Statistics: Shibburn data shows around 13.6 million SHIB coins were removed from the ecosystem in the past 24 hours, pushing burn rates higher by 348.7%.
Consistent coin burning suggests a potential price increase in the near term.
IntoTheBlock data shows a 26.7% drop in SHIB large transaction volume and around 3% fall in daily active addresses.
Transactions greater than $100,000 are down from 555 to 461 in a single day.
Shibariumscan data shows despite a fall in daily transactions, it has managed to hold to the 4.5 million level.
Community News: On Dec.10,Gemini introduced a perpetual contract priced in Gemini Dollars (GUSD), allowing users to trade SHIB against the stablecoin.
This expands SHIB's trading options alongside Gemini's existing contracts for Bitcoin, XRP, Bitcoin Cash and Dogecoin.
This feature benefits traders aiming to leverage market movements without requiring significant upfront capital.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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