Shiba Inu (SHIB), the second largest meme-based cryptocurrency, has shown an upward trend and formed a bullish flag pattern. Despite some recent downtrends, an Elliot wave analysis suggests that a trendline breakout is forthcoming. The current price of SHIB is $0.00002392 with minimal intraday movement. The SHIB/BTC pair trades at 0.000000000374 BTC, with a market cap of $14.10 billion. Analysts predict a potential bounce in the price of SHIB, aiming for $0.00003000.

Shiba Inu (SHIB) Price Volume Analysis: Can Buyers Absorb The Selloff?

On daily charts, Shiba Inu (SHIB) faces resistance from a downward trendline, indicating a bearish sentiment. If buyers manage to surpass the $0.00002500 level, the price could hit $0.00003000. Recent trading volume spiked by 13% to $586.50 million.

Significant Drop in SHIB Burn Rate: What Does It Mean?

Data from Shibburn reveals a fluctuation in SHIB coin burn rates, with a notable increase over the past weeks. Despite an 85.42% decline on an intraday basis, around 11.97 million SHIB coins were removed from circulation, potentially leading to a price rally.

Amidst decreasing burn rates, key indicators suggest SHIB may outperform and is considered a good buy at current levels. The Momentum Indicator stands at 42, showing neutral signals. Fibonacci retracement levels indicate price rejection at 38.3% and a subsequent dip to 23.6%. Support levels are at $0.00002250 and $0.00002110, with resistances at $0.00002500 and $0.00002700.

Conclusion

SHIB may experience a breakout and short-term bounce, as technical indicators hint at a reversal.

Disclaimer

The information provided is for educational purposes only and is not investment advice.