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- The token works on a burn mechanism and recently burns a few.
- SHIB is following a descending resistance line.
- Shiba Inu is deliberately overabundant.
Shiba Inu has burned about 7.9 million SHIB tokens along with 3 transactions in the past 24 hours. This token is the first devoted burn project in the crypto world. But is it worth the attention it gets? Shiba Inu’s native token SHIB is consciously overabundant so that it could perform a cyclic burn and remain in the headlines, which doesn’t even catch the users’ eye. The token has been on the down trail for the past few months, which is covered by the supporter’s smiling faces due to petty increases. It currently is priced at $0.0000093, with less than 1% here and there.
Here’s what the charts tell
The price of SHIB has followed a descending resistance line for the past few months. The initial readings suggest that it may be unsuccessful in breaching the current resistance and forming an uptrend. SHIB token price diminishes below the resistance. The line has rejected the meme coin several times (green circle). Afterward, a steep drop followed by the breakdown from the $0.0000097 long-formed sideways area and a minimum price of $0.0000081. The trading volume is not very encouraging as it also forms a depleting pattern.
The CMF indicator tries to slope up but cannot successfully breach the 0 mark and form an uptrend in the upper zone. Before the bounce, the daily RSI generated a bullish divergence (green line) but is not yet above 50. The MACD indicator diverges claustrophobically with slivers of buyer bars. This movement may not last long and retrace soon.
In the closer timeframe
The SHIB price moves on the pre-paved path as the CMF indicator slopes downwards and floats below the baseline. The MACD indicator knots and travels slightly above the zero-histogram mark. The RSI slides back to the neutral line of 50 and is planning to oscillate in the same range.
Conclusion
SHIBA INU’s price prediction is very controversial, as analysts know the real picture and supporters try hard to hype the token. They promote the project by saying its price will rise by more than 10%, but what is 10% of nothing? Exactly, nothing. The price of the token is not even close to 1 cent and people want the non-support to transition to the other side of the line by gimmicking its ROI in may thousands. But will it be all worth the hype? As sooner or later the truth will prevail you can buy Shiba Inu at PrimeXBT.
Technical levels
Support levels: $0.00000741 and $0.00000557
Resistance levels: $0.00001370 and $0.00001780
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
