MASSIVE $SHIB BURN! ๐ฅ Shiba Inu Is Set To Surge ๐๐
In the last 24 hours, millions of SHIB tokens have been burned! Shiba Inu is trying to to decrease the total supply in order to make it scarce. That's a move that aims to increase its price. If we watch at data, Shiba Inu has accelerated the reduction of SHIB tokens by 63% compared to the previous week. Also, over 7 millions token in less than 24 hours have been burned! Currently, the market is in a consolidation phase but according to the current SHIB pattern, I expect a potential short-term bullish trend. Daily indicators such as EMA 20, MOM 10 and MACD are suggesting an uptrend. In fact, MOM is outlining strength in terms of price movement and thus a potential reversals. However, let's not forget to "Zoom Out"! Weekly MACD points out a potential bearish trend and as a consequence I'll consider it for my following strategy:
Bullish Scenario + Hedge Strategy
On S2 range I will open a long position. Stop loss on 0.00002350. First take profit on R1 (50%) and second take profit on R2 (50%). If volumes do not show enough strenght and thus the market goes against me, I'll open a short position exactly on my previous stop loss and take profit on S1 (100%). That's a strategy I used last time on STRK, where the market went against me, but I still ended up on profit. Remember: Always Protect Your Position & Mitigate Potential Losses!
STAY TUNED!๐ฅ& Remember, Your Support Is MASSIVELY Appreciated!๐๐ช Also Don't Forget To Share It To Your Buddy! ๐ - DYOR ๐ NFA.๐ค
#SHIBAInsights #ShibaPrediction #SHIBAnalysis #memecoins2024
