Shiba Inu Price Analysis: SHIB is experiencing a massive sell-off across different exchanges, but data shows that most investors are bullish on the price and we may see a reversal soon.
emphasize
Shiba Inu's burn rate has soared 8,586% in the past 24 hours.
68% of SHIB investors are still long, compared to short sellers (32%).
More protocols joined in the action to burn the Shiba Inu supply.
Shiba Inu Price Analysis: SHIB price is down 5.9% in the last 7 days, including 2.2% in the last 24 hours, trading at $0.00001682 during European business hours on Wednesday. Ironically, the price drop occurred during an increased period of SHIB token burning, a phenomenon that should have a positive impact on the price. What will happen to the price of SHIB?
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Shiba Inu price analysis: more downside before reversal
SHIB price has been facing significant selling pressure across all exchanges despite relatively positive fundamentals. The “meme coin” has lost over 30% of its value over the past 30 days. Market participants are beginning to worry about whether it will rebound.
SHIB price is trading below the 50-day and 200-day simple moving averages, which is not bullish for the asset. The price of Shiba Inu broke out of a descending triangle on June 13 and dropped 20% to its current price. On a positive note, the price of SHIB seems to have found temporary support around $0.00001688.
SHIB’s 14-day relative strength index (RSI) is 32, just two points above the oversold (OS) zone. The RSI, however, is above its moving average (MA), which is a good sign. Taking the above factors into account and the current temporary support, if the bullish sentiment persists, Shiba Inu prices could see a positive breakout in the coming days.
SHIB’s aggregate open interest (OI) fell 0.67% in the past 24 hours, indicating a flow of funds out of the asset and possibly into its competitors.
If the current support level for SHIB price holds, the asset could bounce back and touch $0.00002129, which would be a 28% gain from here. This could also act as a temporary resistance for the asset. On the other hand, SHIB might find support at $0.000012.
SHIB token burning increases 8,500% in 24 hours
The official Shilling Burns website shows that Shilling Burns has surged 8,586% in the past 24 hours, bringing the Shilling Burns total to 410,727,419,447,933 with 589,272,580,552,066 remaining, with 58,272,580,520,666 remaining.
The biggest market for Shiba Inu and other meme coins is the huge supply. However, due to the growing popularity of SHIB, more protocols are joining the movement to burn the Shiba Inu supply.
Bottom Line
The prospect of a strategic SHIB token burn to reinvigorate SHIB’s market performance demonstrates the project’s adaptability and commitment to long-term value creation, potentially laying the foundation for SHIB’s price action to resume an upward trajectory.
