- SHIB approached a key resistance level at $0.00001434.
SHIB’s increased burn rate and spike in net flow may fuel a breakout.
As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market fluctuations and trends. The recent surge in Shiba Inu [SHIB] is particularly intriguing, given its proximity to the key resistance level at $0.00001434. Historically, this has been a significant barrier for SHIB, but the current stochastic RSI indicates an overbought zone, suggesting a potential bullish run.
Following a 37% drop during the recent downturn in the cryptocurrency market, Shiba Inu [SHIB] experienced a rebound and climbed by 7%, approaching its current price. This movement brings the memecoin near the significant resistance level at approximately $0.00001434.
As a seasoned trader with years of experience under my belt, I can confidently say that this level holds significant historical significance. If we manage to break through it, it could very well signal a substantial bullish move, one that could potentially bring about considerable gains for those who are invested. The key here lies in understanding the market’s history and being attentive to its current trends. I have witnessed firsthand how such levels can serve as turning points, and this one seems particularly important due to its historical resistance.
In simpler terms, when the Random Walk RSI shows an overbought region, it hints at a possible upward trend, meaning the prices might rise significantly. This implies that the key players in the market are paused, ready to jump in and buy stocks once they spot a triggering event for making long-term investments.
SHIB increased burn rate and positive net flow
After examining the burn rate statistics for Shibburn, it was observed that there was a 17% surge in the burning rate of Shiba Inu tokens over the past 24 hours.
This will in turn shrink its supply, potentially increasing the SHIB price on a short-term basis.
Additionally, Shiba Inu (SHIB) has experienced a significant surge in exchange inflows. This suggests growing demand, potentially leading to an upward trend in its price.
Indeed, it appears that the number of Shiba Inu (SHIB) traders taking long positions is greater than those going short. This trend indicates a bias towards bullish sentiment among traders in the near future.
Progress toward surpassing the resistance level of $0.00001434 by Shiba Inu is being driven by increased trading activity and a greater inflow of coins on exchanges.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
Instead of falling 37%, its price increased by 7% instead, suggesting a potential increase (bullish rally) might be on the horizon.
If the price surpasses the $0.00001434 barrier, it’s likely that we’ll see more upward price movements following.
Read More
- JASMY PREDICTION. JASMY cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- Top gainers and losers
- WOOF PREDICTION. WOOF cryptocurrency
- GOAL PREDICTION. GOAL cryptocurrency
- MONG PREDICTION. MONG cryptocurrency
- LUNA PREDICTION. LUNA cryptocurrency
- BOO PREDICTION. BOO cryptocurrency
- CTC PREDICTION. CTC cryptocurrency
- DUEL PREDICTION. DUEL cryptocurrency
2024-08-08 00:07