Shiba Inu Price Prediction as $2.6 Billion Trading Volume Comes In – Are Whales Buying SHIB Before $1?
On Sunday, Shiba Inu takes a minor 1% dip in its price to $0.000035 with Shiba Inu’s substantial $20.67 billion market capitalization that not only underscores its significant market presence but also cements its status within the top ten cryptocurrencies.
Shiba Inu price prediction takes a closer look at the recent $2.27 billion trading influx and assesses the potential impacts on SHIB’s market position.
As the market anticipates possible whale movements, the question remains: are big investors accumulating SHIB in anticipation of its price reaching $1?
Shiba Inu Token Burn Skyrockets, Reflecting Major Community and Developer Efforts
The Shiba Inu community witnessed a significant token burn, marking a 23,000% increase in the burn rate.
Developers initiated this with two large transactions, destroying 9.6 billion SHIB tokens valued at around $332,000, followed by an additional burn of 3.8 million SHIB tokens worth $131,384.
Not stopping there, they also eliminated 28 LEASH tokens and 19,551 BONE tokens, showing a broad commitment to reducing supply across their ecosystem.
Lucie praised the Shibarium developers and users for their crucial role in this process and the network’s growing adoption, even though SHIB’s praice has seen a 23% decrease from its peak on March 5.
Shiba Inu Price Prediction
The technical outlook for Shiba Inu suggests a period of consolidation within a symmetrical triangle pattern, identified on the chart. This pattern is characterized by a narrowing price range, indicative of a balance between supply and demand, and thus, a standoff between bulls and bears.
The pivot point, a crucial level for traders, is currently set at $0.0000336. A decisive movement beyond this pivot could set the tone for the coin’s next major move.
#ShibaInu trading update: Pivot at $0.0000336 with eyes on breaking resistance at $0.0000372, $0.0000405, & $0.0000456. Support holds strong at $0.0000308. Watching for a breakout or breakdown! #SHIB #CryptoTrading #TechnicalAnalysis pic.twitter.com/lHVOR6sMKJ
— Arslan Ali (@forex_arslan) March 10, 2024
Key Resistance and Support Levels:
Immediate resistance is found at $0.0000372, with subsequent levels at $0.0000405 and $0.0000456.
Support levels are established at $0.0000308, $0.0000274, and $0.0000251.
Shiba Inu Price Chart – Source: Tradingview
Technical Indicators:
The Relative Strength Index (RSI) stands at 55, indicating neither overbought nor oversold conditions, but rather a market in equilibrium.
The 50-Day Exponential Moving Average (EMA) is at $0.0000300, providing a baseline for the current bullish sentiment.
The symmetrical triangle pattern, observed at the $0.0000336 to $0.0000372 range, suggests a state of indecision among investors. This pattern typically culminates in a breakout, dictating the subsequent direction of the asset’s price movement.
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