- The cryptocurrency market experienced a significant downturn, with Shiba Inu (SHIB) at risk of a 20% drop after breaking a short-term continuation pattern and currently trading down 9% at $0.00000957.
- Shiba Inu added an extra zero to its price over the past week due to market shocks, such as speculation around the rejection of a Spot Bitcoin ETF, leading to over $540 million liquidated from the industry in four hours.
- Despite a 300% increase in SHIB burn rate with more than 12 million tokens burned in 24 hours, the asset’s outlook remains bearish with a potential fall to $0.0000075 or a 35% increase to the resistance level at $0.0000013 if it holds strong at its current support.
The crypto world is ever-volatile, and Shiba Inu (SHIB) investors are on the edge of their seats as the beloved meme coin teeters on the brink of a significant price drop. With the market taking an unexpected turn and SHIB breaking a critical pattern, let’s delve into what the future might hold for this canine-themed currency.
Market Turbulence Hits Shiba Inu Hard
- Unexpected market downturn shocks cryptocurrency investors.
- SHIB’s price plummets by 9% to $0.00000957, as per CoinMarketCap.
- The meme coin adds a zero to its price, stirring concerns among holders.
- Despite the fall, there’s a glimmer of hope for a swift recovery.
Shiba Inu Adds Zero, Faces Even More Declines Amid Current Pattern
- Bitcoin ETF rejection rumors trigger industry-wide token sell-offs.
- $540 million liquidated from the crypto market in a mere four hours.
- SHIB is not immune, with a potential 20% decline on the horizon.
- The price trajectory had been optimistic since June’s low of $0.0000054.
- SHIB managed to break free from a descending resistance in November.
Shiba Inu’s Burn Rate and Price Pattern Analysis
- Impressive SHIB burn rates observed with a 300% increase in the last 24 hours.
- Over 12 million SHIB tokens burned, yet the overall market sentiment remains bearish.
- BeInCrypto reveals SHIB has been in an ascending parallel channel since June 2023.
- The meme coin breaks from a symmetrical triangle pattern, indicating a possible end to its upward trend.
- SHIB hits a support level at $0.0000095, with the RSI falling below 50.
- The coin risks falling to $0.0000075, but if support holds, a 35% increase to $0.0000013 is possible.
The Role of RSI in Shiba Inu’s Potential Drop
- RSI indicator suggests that SHIB may be losing momentum.
- A drop below the 50 RSI level often signals potential declines.
- Current RSI levels put SHIB at the cusp of a critical decision point.
Shiba Inu’s journey in the cryptocurrency market has been nothing short of a rollercoaster ride. With its latest pattern break and burn rates, SHIB could either plummet further or soar to new heights. Investors and enthusiasts alike are watching closely, ready for whatever comes next in the dynamic saga of this meme coin.
