- As the price of SHIB hovers precariously near the fateful $0.000012, the specter of a plunge to $0.0000094 looms ominously, should the sellers persist in their relentless pursuit.
- In a twist of fate, Shiba Inu‘s 24-hour burn rate has skyrocketed to an astonishing 4,137.17%, a reduction in supply that might just spark a price renaissance. Or will it? 🤔
Ah, the Shiba Inu [SHIB], a creature of whimsy and folly, finds itself teetering on the edge of critical support levels, as the relentless tide of selling pressure continues to batter its fragile form. In the last 24 hours, it has plummeted by 10.85%, and over the past week, a staggering 15.49%, leaving its price languishing at a mere $0.00001314.
Wise analysts, those modern-day soothsayers, have pinpointed $0.000012 and $0.0000094 as the sacred thresholds where valiant buyers might emerge to stave off further calamity.
SHIB’s key support and resistance levels
The price action of SHIB, much like a tragic hero, suggests a waning trend, with formidable resistance lurking between $0.000022 and $0.000027, where previous attempts to ascend have met with dismal failure.
Currently, the 0.618 Fibonacci retracement level at $0.00001434 stands as a pivotal point. Should it falter, the ominous $0.000012 aligns with the 0.786 Fibonacci retracement, a crucial level that demands our attention.
Should the selling pressure intensify, SHIB may very well descend to $0.0000094, marking a full retracement of its early 2024 rally—a fate most dire indeed.
Analysts, with their keen eyes, suggest that a bounce from $0.000012 could herald a renewed spirit of accumulation, while a breach below this level may confirm the descent into further despair. The market, ever watchful, will scrutinize trading volume and the movements of the whales to divine the next course of action.
Market sentiment and technical indicators
Technical indicators, those harbingers of doom, reinforce SHIB’s bearish sentiment. The Parabolic SAR, with its dots ominously hovering above the price, signals a continued weakness that cannot be ignored.
The Stochastic RSI, languishing at 36.38, suggests a feeble momentum, yet it dares to attempt a reversal. Could it be that the oversold conditions might entice buyers back into the fray? Only time will tell.
The Aroon Up indicator, at a disheartening 78.57%, reflects a fading bullish trend, while the Aroon Down, resting at 0%, hints at minimal immediate selling strength. However, should it rise, it may confirm the encroaching bearish momentum.
Declining exchange reserves and network activity
According to the oracle known as CryptoQuant, SHIB’s Exchange Reserves have dwindled to 95.5T, indicating a scarcity of tokens available for sale on exchanges. A curious development, indeed!
This may suggest that holders are retreating to the safety of private wallets, hinting at potential accumulation. If this trend persists, it could lend support to a long-term price stabilization. Or perhaps it’s just a mirage in the desert of despair.
SHIB’s active addresses have also seen a decline, now hovering around 4K, a reflection of waning network engagement. While occasional spikes may indicate fleeting trader interest, sustained activity is essential for a robust price recovery.
SHIB burn rate surges over 4000%
In a recent revelation from AMBCrypto, it has come to light that Shiba Inu’s
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2025-02-28 23:03