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Shiba Inu (SHIB) has faced a sharp retracement after its recent rally, sparking concerns among investors. With a 13% weekly drop and a 2% dip today, many are questioning whether SHIB is on its way to testing the $0.000024 support level.
🔥 Burn Rate Slumps Amid Price Decline
The SHIB burn rate plummeted over 100% this week, according to Shibburn.
In the last 24 hours, a temporary surge of 425% was recorded as over 70 million tokens were burned.
Despite this, the burn rate's overall trend is declining, reflecting weaker market enthusiasm.
📉 On-Chain Data Signals Selling Pressure
Exchange Netflow: High deposits on exchanges suggest rising selling pressure.
Active Addresses: A 7% drop in active addresses in 24 hours indicates fading interest.
Whale Activity: Profit-taking by whales has triggered negative sentiment and a sell-off#BTC B
📊 Technical Analysis: Is $0.000024 Imminent?
Current Price: $0.00002755, with a 24-hour range of $0.00002741–$0.0000288.
Key Indicators: Weak signals from RSI, Ichimoku Cloud, and EMAs hint at further downside.
Critical Levels:
Resistance: $0.0000275 (50-day EMA).
Support: $0.000024 remains a strong floor, but a break below could signal further losses.
🐾 Can New Tokens Revive SHIB?
The anticipated launches of TREAT and SHIFU tokens by Shytoshi Kusama may reignite community interest. However, the immediate outlook suggests caution, as market sentiment remains bearish.
Stay informed and engaged with the latest updates on SHIB!