The post Can Shiba Inu (SHIB) Hold Its Crucial Support Level? appeared on BitcoinEthereumNews.com.

SHIB burn rate rises weekly, despite daily decline challenges. Strong support level and bullish sentiment suggest possible price recovery. Shiba Inu (SHIB) has hit a weekly low of $0.00002047, recording a 3% decline in the past 24 hours, while its trading volume dropped by 34%. Over the last month, the token has fallen by 24%, reflecting broader market trends influenced by significant selling pressure. The downturn follows a major market crash that saw Bitcoin (BTC), Ethereum (ETH), and other assets experience sharp declines. SHIB Price Chart, Source: Sanbase Notably, on January 3, a whale moved 8.18 trillion SHIB, worth approximately $195.1 million, from CryptoCom to a private wallet during a brief consolidation phase. This activity preceded a broader bearish market turn triggered by the U.S. Institute for Supply Management’s report, leading SHIB to shed 14.5% in value. Despite the price drop, on-chain metrics suggest an optimistic outlook. According to research, large transaction volumes for SHIB surged by 2004% within 24 hours, indicating robust activity from whales and long-term holders. Meanwhile, Coinglass reported an outflow of $7.04 million worth of SHIB from exchanges, pointing to potential accumulation during the downturn. Moreover, traders also demonstrated strong bullish sentiment. Coinglass data revealed a SHIB Long/Short Ratio of 2.04, the highest since early 2025, with 67.16% of top traders holding long positions. SHIB’s Short-Term Future Shiba Inu’s technical indicators suggest resilience, with the price near a crucial support level at the 200 Exponential Moving Average (EMA). Analysts believe that holding above this level could spark a rally, potentially driving it to $0.00003939—a rise of 80%—over time. Additionally, the SHIB burn rate saw a 72% dip on a daily basis but increased by 164.53% over the week, with over 102 million tokens burned. The community’s consistent efforts to reduce supply underpin long-term optimism despite current…

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Filed under: News - @ January 9, 2025 5:23 pm