In recent days, the Shiba Inu cryptocurrency has been going through challenging times. Despite a sharp increase in token burns, the price remains at low levels, giving analysts grounds to speculate about possible changes.
Massive Token Burns and Price Stagnation
On June 25, over 9.5 million SHIB tokens were burned, leading to a 10,786% increase in the burn rate according to Shibburn. However, despite this event, the price of Shiba Inu remains at around $0.0000119, facing strong resistance. According to IntoTheBlock, 88% of SHIB holders are currently at a loss.
Indicators and Market Psychology
The RSI indicator recently exited the oversold zone, which may indicate a potential reversal. However, the 26-day EMA at the level of $0.0000119 remains an insurmountable barrier to further growth. Analyst Javon Marks claims that SHIB may confirm a bullish divergence, which could theoretically lead to potential growth to $0.000032.
Prospects for Shiba Inu in the Cryptocurrency Market
Despite the mixed signals, the community remains optimistic. Meanwhile, the latest signs of renewed interest from institutional investors in SHIB may foreshadow broader growth. However, the current situation requires caution and patience from investors.
Shiba Inu continues to be at the center of attention in the crypto market despite its challenges. The combination of active token burning and technical signals may lead to positive changes in the market in the future.
