SHIB’s Comeback: Can It Retest Its 24-Hour High After Midday Dip?

Shiba Inu (SHIB) experienced mild volatility over the last 24 hours, fluctuating between $0.0000185 and $0.0000193. The price hovered at around $0.000019 at the time of press, reflecting a modest 0.58% gain on the daily chart. Though the momentum was relatively muted, it mirrored XRP’s price action within a constrained range, showing signs of resilience despite broader uncertainty.

Burn Rate Dips, But Price Stays Resilient

Earlier this week, SHIB’s burn rate had soared over 10,000%, only to slump dramatically by over 80% within the last 24 hours. Despite this drop in token burn activity, SHIB’s price has not mirrored the same decline. Instead, it remains slightly up, suggesting that market sentiment is leaning more on trading volume and market cap stability than the deflationary narrative.

Trading volume surged over 35% within the day, reaching around $210 million. This uptick in activity suggests that traders are still closely monitoring SHIB, possibly in response to news from major exchanges and social media sentiment. While the price action didn’t break out of its resistance zone, it also didn’t slide into bearish territory. A sign that short-term holders are waiting for a clearer direction.

Price Performance

Within the 24-hour window, SHIB’s lowest dip was at $0.0000185, while its peak hit $0.0000193. Although the highs failed to break significant resistance, the coin remained above its 7-day average, hinting at a potential setup for another retest soon. SHIB is still trading more than 70% below its all-time high of $0.00008845, but it holds an astronomical gain of over 1,400,000 % from its all-time low.

SHIB price chart Source: CoinMarketCap

With whale wallets remaining quiet and large exchange inflows stabilizing, SHIB may continue to trade sideways unless a major catalyst emerges. If volume continues to build, a breakout toward $0.00002 is possible. However, any sharp drop in sentiment or macro news could send the token back to its recent support at $0.000018.

SHIB may not be experiencing the same explosive growth it did during the meme coin frenzy, but its current price structure suggests growing stability. Traders should monitor burn metrics, volume shifts, and whale activity for signs of the next significant move. For now, Shiba Inu remains a patient trader’s game steady, slow, but far from forgotten.

Lanre Durojaiye

Mr. Durojaiye Olusola is a finance graduate and cryptocurrency writer with over a year of experience providing market insights and clear, well-researched analysis. Dedicated to helping readers understand blockchain trends and digital asset developments.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.