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Shiba Inu (SHIB) Price Update
The Shiba Inu coin has been trading in a tight range recently, mirroring the performance of other cryptocurrencies. Several factors suggest a potential price rebound, but challenges remain.
Key Factors Driving SHIB's Price
1️⃣ Rising Burn Rate:
The SHIB burn rate is increasing, reducing the total supply of tokens. This scarcity could support price growth.
2️⃣ Fewer SHIB Tokens on Exchanges:
Investors are holding onto their SHIB, with exchange balances dropping from 260.3 trillion to 258.7 trillion. This shows confidence in the coin's future.
3️⃣ Futures Market Momentum:
Open interest in SHIB futures has climbed from $50M in December to $65.4M, signaling rising interest from traders.
4️⃣ Deregulation Tailwinds:
The potential benefits of an upcoming Trump administration and changes in regulatory leadership could positively impact the crypto market.
Technical Analysis: Mixed Signals
✅ Bullish Indicators:
200-Day Moving Average: SHIB is holding above this critical support level.
Rising Trendline: The coin is maintaining its uptrend since September.
Cup and Handle Pattern: A bullish technical formation points to potential gains.
⚠️ Bearish Risks:
A possible bearish pennant pattern could lead to a breakout downward.
Price Predictions
Bullish Target: A 45% surge could push SHIB to $0.00003270, retesting its December highs.
Bearish Scenario: If SHIB drops below $0.00001857, it could fall further to $0.00001192.
Bottom Line
Shiba Inu coin is at a critical juncture. While fundamentals and some technicals look promising, risks remain. Monitor support and resistance levels closely before making any decisions.#shiba⚡ #Shibarium #BTC☀ #BinanceSquareFamily #HotTrends