Shiba Inu (SHIB) price has dropped 22% from its recent high due to a selloff in cryptocurrencies, but there are tantalizing signs that the token could soon bounce back. Here’s what’s happening:
1. Strong support levels 🛡️📈
Shiba Inu price is holding firmly at the 50-day moving average, a level it has not fallen below since September 2023. It is also staying above the Ichimoku Cloud ☁️, a bullish indicator that suggests the uptrend is still intact.
The price chart shows a cup and handle pattern - a strong bullish signal! If Shiba Inu breaks above $0.00002941, it may rise to $0.0000477. 🚀✨
2. Increased burning rate 🔥🔥🔥
Shiba Inu burn rate increased by 4,766%, with over 5.2 million tokens burned in a single day. 410 trillion tokens burned so far! 🔥🔥
Burning reduces the token supply, making Shiba Inu more valuable over time. Burning activity is incentivized by ecosystem features like Shibarim and ShibaSwap. 🌐💎
3. Stable investor activity 🤝📊🌟
Despite the price drop, investor confidence remains strong. New Shiba Inu addresses increased by 9.10% last week, while active addresses decreased slightly by 5.96%.
The total number of Shiba Inu holders is now 1.37 million and growing! 📈🚀
What's next for Shiba Inu? 🧐✨
If Shiba Inu holds the key support level at $0.00002275, it could target $0.00002941 soon. Breaking this level could see the token rally to $0.0000477! 🌠📈
However, if it drops below $0.00002275, the bullish outlook may weaken.
Summary 🌟💥
With strong support, a high burn rate 🔥, and stable investor activity 🤝, Shiba Inu looks ready for a potential rebound. Keep a close eye on its next moves - it could surprise everyone!
