Shiba Inu’s Burn Surge: A Price Rally in the Cards? 🐶🔥

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  • Shiba Inu’s massive token burn surge aims to reduce supply, but the price remains under pressure. 🤷‍♂️
  • On-chain signals and liquidation heatmap revealed bearish sentiment, signaling potential further price declines. 😬

Shiba Inu [SHIB] is making headlines once again, this time with a whopping 2532.14% surge in token burns over the past 24 hours. An impressive move, no doubt, but the price of SHIB is still feeling the pinch, standing at $0.00001469, down 6.16% in the last 24 hours. 📉

This massive burn activity is meant to reduce the circulating supply, which could theoretically push prices up. But here’s the kicker: despite the burn surge, SHIB’s price has remained stubbornly low. It’s like trying to lose weight by only drinking water—sure, you’re doing something, but it’s not exactly a magic bullet. 🥤

Is Shiba Inu on the brink of a breakout? Key levels to track

Shiba Inu’s recent price action has painted a classic head and shoulders pattern, which is usually a bad sign. If the support levels fail, we could see SHIB drop even further. Right now, SHIB is hovering around $0.0000147, testing its critical support after a significant drop. 📉

Traders should keep a close eye on the $0.0000147 level. A breakdown could lead to a further fall towards the $0.00001261 level. On the other hand, if the support holds, there might be a chance for a reversal and a retest of the $0.00001718 resistance zone. 🤞

So, while the pattern suggests a bearish outlook, there’s still a glimmer of hope if the support level holds firm. It’s like a game of Jenga—things could come crashing down, or you might just squeak by. 🪵

SHIB’s on-chain signals – Bearish sentiment remains strong

The memecoin’s on-chain metrics are painting a pretty grim picture. The net network growth climbed by a measly 0.27%, which is a sign of weak adoption. 🙄

Additionally, the “in the money” metric fell by 1.06%, indicating that many holders are underwater on their positions. And if that wasn’t enough, large transactions dropped by 9.95%, suggesting reduced institutional interest. 📉

To sum it up, the on-chain data is pointing to continued downward momentum unless sentiment shifts. It’s like trying to cheer up a room full of grumpy cats—good luck with that. 🐱

SHIB’s liquidation heatmap – Trader liquidations at critical levels

SHIB’s 24-hour liquidation heatmap is not exactly a ray of sunshine. A significant number of liquidations occurred near the $0.0000145 level, adding to the pressure. 📉

The yellow and green zones on the heatmap indicate where liquidations are most likely, which could amplify price movement in either direction. It’s like a game of hot potato—nobody wants to be the one holding the token when the music stops. 🥔

As a result, the heatmap suggests that SHIB’s price could see a further decline, especially if the liquidation risk materializes. It’s a bit like watching a horror movie—you know something bad is coming, but you can’t look away. 😨

Can SHIB rally or will it fall further?

While Shiba Inu’s burn activity is substantial, the bearish market signals and price movement suggest that a short-term rally might not be sustainable. The key support levels must hold for a recovery to take place. 🤞

So, despite the promising burn surge, SHIB may continue to face downward pressure unless stronger market catalysts emerge. It’s like trying to start a fire with wet wood—sure, you can try, but it’s not going to be easy. 🔥

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2025-02-25 11:39