Shiba Inu Token Burn Activity Halts, Market Response Weakens
- Burn Activity Stagnation: The Shiba Inu ecosystem saw a complete halt in token burn activity over the past 24 hours, with Shibburn confirming zero tokens sent to dead wallets, contrasting sharply with the ongoing decline in token price, indicating waning market confidence.
- Surge Followed by Drop: Just 48 hours prior, the burn rate had surged over 500%, eliminating 10,491,803 SHIB tokens in a single transaction; however, the subsequent stagnation left the circulating supply unchanged at 585,412,585,102,123 SHIB, failing to sustain investor optimism.
- Increased Market Pressure: Currently trading at $0.000006853, Shiba Inu has declined 5.54% in the past 24 hours, and despite the significant burn of over 10.49 million tokens, the bearish trend remains unbroken, reflecting overall market weakness.
- Whale Activity Impact: A large holder transferred 41 billion SHIB to an OKX hot wallet, a move typically indicating preparation for selling; such whale inflows often precede price declines, exacerbating selling pressure in the market.
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Technical Analysis for SHIB
Technical Sentiment Analysis for Shiba Inu (SHIB) As of , Shiba Inu (SHIB) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for SHIB stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, SHIB is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Shiba Inu (SHIB) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00000308 | 0.00000407 | 0.00000525 | 0.00000624 | 0.00000742 | 0.00000841 | 0.00000959 |
| Fibonacci | 0.00000407 | 0.0000049 | 0.00000541 | 0.00000624 | 0.00000707 | 0.00000758 | 0.00000841 |
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