Shiba Inu surges 11% in 48 hours, but SHIB is not out of danger yet

Shiba Inu is hovering at a key support level. But as things stand, SHIB’s price can go either way.price was hovering around a key support level of $0.00001745. The memecoin’s recent price action has been a roller coaster, as it has witnessed a steep 35% decline since the 6th of June.had priced SHIB at $0.00001746, a 0.52% increase in the last 24 hours and a 4.56% decrease in the last seven days. Its trading volume declined by 37.25% to $1.97 billion.

The stochastic RSI was in an oversold zone at press time, suggesting a potential price reversal.AMBCrypto analyzed Coinglass’ liquidation heatmap data. The data indicated significant liquidation leverage around the current price levels.According to Shibburn, SHIB’s burn rate surged by 29.76% in the last 24 hours. A total of 17,191,209 SHIBs were burned. If the support holds, this reduction in supply may put upward pressure on the price.

If the bearish pressure manages to break below this level, SHIB will dip further. However, if the current surge accumulates enough momentum, prices will surge.Kelvin Murithi is a freelancer cryptocurrency price analyst working with AMBCrypto. He has significant experience in financial markets and digital assets. He also has a background in market analysis, investment strategies, and economic forecasting.Subscribe to get it daily in your inbox.

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