Shiba Inu Token Shows Resilience Amid Market Turbulence
- Burn Rate Increase: Over the past 24 hours, 4.99 million SHIB tokens were burned, marking a 20.86% rise in the burn rate, indicating that despite bearish market sentiment, the community is actively reducing supply, potentially setting the stage for future price rebounds.
- Weekly Burn Trend: However, a total of 17.32 million SHIB was burned over the past week, reflecting a 14.42% decline, which suggests waning interest in risk assets that could impact Shiba Inu's long-term price trajectory.
- Futures Trading Slump: Crypto futures trading volume has decreased by 31.05%, settling at $120 million, indicating a cautious approach among market participants, while open interest remains steady at $105 million, suggesting investors are waiting for clearer market signals.
- Community Developments: Positive news for the Shiba Inu community includes Mercari integrating SHIB into its cryptocurrency offerings, reaching 23 million monthly active users, which could enhance the token's usage and recognition, strengthening its market position.
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Technical Analysis for TOKEN
Technical Sentiment Analysis for TokenFi (TOKEN). As of , TokenFi (TOKEN) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 0 indicators are flashing buy, while 5 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for TOKEN 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 crypto.
Support, Resistance & Moving Averages. From a structural perspective, TOKEN 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 $-.
TokenFi (TOKEN) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00194 | 0.00216 | 0.00236 | 0.00258 | 0.00278 | 0.003 | 0.0032 |
| Fibonacci | 0.00216 | 0.00232 | 0.00242 | 0.00258 | 0.00274 | 0.00284 | 0.003 |
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