Shiba Inu: Crypto analyst, Tomiwabold Olajide and Tony M look at the technical outlook for Shiba Inu (SHIB). Tomiwabold Olajide points out SHIB’s flea trend. Tony M talks about the turmoil in the market for SHIB. We have compiled the forecasts of analysts for our readers.
- 1 “The Shiba Inu demonstrates this historic trend”
- 2 297 million SHIB burned in the last 24 hours
- 3 Shiba Inu price technical analysis
- 4 Share this:
“The Shiba Inu demonstrates this historic trend”
The price of the Shiba Inu has reached 10-month lows after recent sales in the market. The meme coin hit an intraday low of $0.000074 on June 14. It then reverted to a price range last seen in August 2021. The Shiba Inu, which rose by a thousand percent in May 2021, refused to go into consolidation. The Shiba Inu hit highs of $0.0004 in early May. However, it wiped out all its gains to return to the lows of $0.00006 the following month.
If history is any indication, the Shiba Inu are known for long periods of consolidation lasting more than five months, most notably in 2021 (late May to late October). After this consolidation, SHIB rallied thousands of percent to reach the ATH level of $0.000088 on October 28, 2021.
AmkNews.comAs you can follow, SHIB is currently trading 90% below its peak. If history were a guarantee, it’s possible for SHIB to consolidate for a while as soon as the market stabilizes, before the next big move. However, it should be noted that historical returns do not guarantee future results. SHIB is down about 11% from $0.00000856 at press time in line with the recent crypto market crashes.
297 million SHIB burned in the last 24 hours
According to Shibburn, 239,535,584 SHIB tokens have gone to the burn wallet in the past 24 hours. In this context, 11 transactions took place. A total of 297,008,375 SHIBs have been burned since the last day from the SHIBburn website. Also, according to Shytoshi Kusama, lead developer of the project, Shibarium, the highly anticipated Add- 2 solution of the Shiba Inu ecosystem, will be available soon.
The average balance of the Shiba Inu top 100 SHIB whales has risen slightly to 2.9 billion at press time. That’s why SHIB continues to see pressure to buy from whales. According to WhaleStats, the number of SHIB holders is increasing at 1,180,440. However, the recent price drop has caused the average SHIB value owned by whales to drop. Also at the moment, the top 500 ETH whales ‘hold’ $459,605,432 worth of SHIB.
🐳 The top 500 #ETH whales are hodling
— WhaleStats – BabyWhale ($BBW) (@WhaleStats) June 15, 2022
Shiba Inu price technical analysis
Crypto analyst Tony M analyzes SHIB’s technical outlook as follows. Shiba Inu price continues to decline as bears on the decline show no remorse. On Wednesday, SHIB price is trading at $0.00000777. The bulls are effectively forming a doji candle on the 2-day chart. Practical traders seeing this signal will stay away from SHIB. However, it is possible for riskier traders to open short positions to be featured on the next slide. The collapse of the Doji candle below $0.00000750 triggered turmoil in the market. This is also likely to send the SHIB price into the ATL region.
SHIB price is now only 35% above the ATL level of $0.00000510. From the ATH level of $0.000008854, a Fibonacci projection tool to the side triangle shape starting in February predicts the 100% Fib level, 17% below the current Shiba Inu price at $0.00000678. This provides a subtle consolidation for the continuation of the bear trend. The depreciated target is centered on a monthly territory that begins throughout May and ends in mid-September 2021. This is a catalyst for the infamous October 2021 10X bull run.
A bearish trend invalidation is due to a break above a descending trendline currently located at $0.00000950. If the bulls break above this level, a rally to $0.00001400 is possible, a 75% increase from SHIB price.
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