Shiba Inu (SHIB): Time for Cooling Off? The Price Rejected at Strong Resistance, Here Are Next Support Levels
SHIB has been making waves in the crypto industry recently, primarily due to the launch of Shibarium and Binance’s decision to list SHIB as collateral. Over the past week, the SHIB price has been riding a bullish wave, with an impressive increase of almost 30%.
However, the tide may be turning as the last 24 hours have seen a decrease of almost 7%. This comes after the price failed to maintain the strong resistance level at $0.00001, which was briefly breached on Saturday.
Renowned Twitter analyst and technical analysis expert, Crypto Tony (@CryptoTony__), recently shared his insights on the situation. In his tweet, he advised potential investors to exercise patience as SHIB is currently at resistance. He suggested waiting for a clean daily closure above 982 before considering a long position. This essentially means that investors should wait for the price to stabilize above this level before buying, as it could indicate a more sustainable upward trend.
Source: CoinStats
Adding to the discussion, @CRYPTOPALACE_, another well-known trader, noted that $SHIB bounced from the support level but was rejected at the major resistance of the 1000 area as it was unable to close the daily candle above it. The support is at the 905-915 level, and we may see a test of this area. He advised holders to maintain their long positions with a trailing stop loss, which could help protect profits and potentially lock in gains as the price changes.
In recent SHIB news, the token has seen some fluctuations. The current price of $SHIB stands at $0.00000941, marking a decrease of 2.78% in the last hour and 2.66% in the last 24 hours. The market cap, currently at $5,569,494,839, has also seen a slight dip of 1.26%.
However, it’s not all downward trends for SHIB. The token burn rate has seen a significant increase in the past 24 hours, with 62,987,547 tokens burnt, marking a substantial 99.19% increase. This could potentially lead to a decrease in supply and an increase in the token’s value over time. However, the past week’s burn rate has seen a decrease of 43.77%, with 339,879,278 tokens burnt.
Doge2014 raises 450K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +The total supply of SHIB currently stands at 589,347,382,786,671. As always, investors are advised to keep a close eye on these metrics as they can significantly impact the token’s value and their investment.
The recent decrease in SHIB’s price could also be attributed to profit-taking by investors. Over the past seven weeks, SHIB has seen substantial gains, and it’s plausible that investors who made significant returns during this period are now selling off their holdings to secure their profits. This sell-off can exert downward pressure on the price. Furthermore, these investors might be waiting for the price to drop further before re-entering the market, aiming to maximize their potential returns by buying at lower entry levels.
In conclusion, while SHIB has shown promising growth recently, top analysts suggest that we might be entering a consolidation phase. Investors are advised to exercise patience and closely monitor the resistance and support levels before making any moves. As always, it’s crucial to stay informed and make decisions based on careful analysis. Remember, the crypto market is highly volatile, and while the potential for profit is significant, so too is the risk.
