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Shiba Inu’s Price Recovery Gains Momentum
Shiba Inu’s price has continued its recovery this week as Bitcoin and most altcoins experienced a bounce back. The SHIB token has risen for four consecutive days, reaching a high of $0.0000020, its highest level since June 17.
Shiba Inu Token Burn Momentum Slows
The rally in Shiba Inu coincided with Bitcoin climbing to $65,000 for the first time since June 19, while the crypto fear and greed index approached the greed zone of 60. Other meme coins also performed well this week. Notable tokens like Pepe, Floki, Dogwifhat, and Brett surged by over 20% in the past hours.
However, Shiba Inu’s daily trading volume of $650 million was smaller compared to Pepe’s $2.9 billion and Dogwifhat’s $978 million. This indicates that Shiba Inu, along with Dogecoin, may be losing momentum among traders.
On-chain data reveals that the volume of Shiba Inu token burns has declined in recent weeks.
The largest burn this month occurred on the 11th when over 72 million tokens were burned. Since then, the daily average has dropped to less than 200,000 tokens.
Shiba Inu Price Chart Analysis
Crypto traders are now closely monitoring Shiba Inu’s chart for signs of whether the ongoing recovery will persist. The SHIB price chart shows that the recent rebound started after the token formed a hammer pattern on July 5, which is a common bullish reversal signal in the market.
Shiba Inu has now crossed a key resistance point at $0.000018, which was its lowest swing on April 13. This indicates that the token is gaining momentum. Most importantly, Shiba Inu has encountered substantial resistance at the 200-day Exponential Moving Average (EMA).
For further upside, the token needs to break above this EMA and close above its intraday high of $0.000020. If it fails to do so, it could form a doji or a shooting star candlestick pattern, indicating a potential resumption of its downtrend.
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