#ShibaInu #SHIB #CryptoNews #TokenBurn #Cryptocurrency #Blockchain #Investing #SHIBPricePrediction #TechnicalAnalysis
The Shiba Inu (SHIB) coin’s price has experienced a slump post December 17, primarily due to its inability to breakout from an ascending parallel channel. Despite the coin trading above a long-term resistance area, weakness is observed in short-term indicators. This is notwithstanding a token burn of 7.5 million in the past 24 hours. Weekly technical analysis indicates that the SHIB price has seen a steady incline since June, obtaining a momentum after a higher low was created in October.
After three unsuccessful breakout attempts, a breakout from a 475-day descending resistance line was achieved in December. This was followed by a rally, moving the coin above significant resistance areas. A noteworthy fact is that around 7.5 million SHIB tokens have been burned within the last 24 hours composing value locked (TVL) in Shibarium over $1 million. The RSI readings are currently above 50 and increasing, suggesting bullish trends.
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