🔴 $SHIB Moving Towards Potential breakout🔴
Shiba Inu Coin: SHIB Burn Skyrockets 7300%, Hinting at Potential Breakout
Massive SHIB Burn Activity:
SHIB burn rate soared by 7334.38% on July 29, with 2.37 million coins destroyed.
Total supply reduced to 589.27 trillion SHIB.
Despite burning over 140 million SHIB last week, the price remained stagnant, indicating sideways movement.
Current Price Movement:
SHIB price dipped by 3.04% to $0.00001673.Recent significant burns have not led to upward momentum, raising investor concerns.
Technical Analysis and Market Sentiment:
SHIB is in a steady downtrend, fluctuating between two converging trend lines of a falling wedge pattern.
Futures open interest increased by 0.81% to $41.56 million, and derivatives volume spiked by 42.52% to $68.79 million.
Formation of a rounding bottom pattern on the weekly chart suggests a positive outlook, with a potential price target of $0.0000377 in August.
#BTC☀ #MtGoxJulyRepayments #Write2Earn!
