####SHIB Price Forecast: What’s Next For Shiba Inu Coin Amid Burn Rate Defying Crypto Sell-Off?####
SHIB Price Forecast Amid Market Decline:
Despite recent downtrends, Shiba Inu (SHIB) has fallen 2.7% to $0.00002263, with reduced trading volume of $1.08 billion, reflecting cooling investor interest.
Impact of Market Corrections and Halving:
As Bitcoin and Ethereum face declines ahead of the upcoming halving, SHIB and other meme coins follow suit, with SHIB dropping over 20% in a week and 18% in a month amidst broader market retreat.
SHIB Token Burn and Market Response:
SHIB experiences a surge in token burn rate, up by 489.87% to 19,345,086 tokens incinerated in a day. This activity aims to reduce supply and potentially stabilize prices amid market fluctuations.
Technical Analysis and Price Levels:
SHIB faces resistance at $0.000023; a breakout could target $0.00003 and beyond. Conversely, failure to sustain momentum might lead to support levels at $0.000022 and a potential decline to $0.00002. The Relative Strength Index (RSI) at 38.49 suggests a balanced market, while the Average Directional Index (ADX) of 25.84 indicates moderate trend strength.
