After a sharp rally, crypto analysts warned of potential significant weakness for Shiba Inu (SHIB). Will this Dogecoin "murder" run out of steam?
Analyst Doubts Continued Rise:
In a TradingView session, pseudonymous analyst AwesomeAvani used the metaphor of a sledding team to describe SHIB's price movement. He said the team "has been pushing pretty hard," hinting at doubts about the continuation of the bull run.
According to him, although the bull run looks smooth, SHIB may need to âtake a breakâ temporarily. "The chart shows a breakout followed by an extension above the VWAP line which is trying to catch up. SHIB needs a break," explained the analyst.
Technical Indicators Predict Correction:
Another analyst, Rekt Capital, used the chart to predict SHIB's rise to $0.000066. However, he also warned of a potential correction. According to him, SHIB needs to maintain a certain support level to avoid a deeper price decline.
Investors Selling Profits?
Data from Santiment shows a decrease in the number of SHIB holders, from 1.38 million to 1.37 million. This indicates the potential for investors to take advantage of rising prices.
Token Burning Has Not Had a Significant Impact:
Despite the burn of 177 million SHIB tokens in eight hours, including the burn of 100.5 million tokens, there has been no visible significant impact on the price.
Price Drop:
At the time of writing, SHIB was trading at $0.000031, down 4.1% in the last 24 hours. This is a signal of weakening SHIB upward momentum.
Conclusion:
SHIB's sharp rise may stall temporarily. Investors need to be wary of potential corrections and consider further research before making an investment decision.
