Shiba Inu Burns Continue Controversy as Price Consolidates At Crucial Support
The post Shiba Inu Burns Continue Controversy as Price Consolidates At Crucial Support appeared on BitcoinEthereumNews.com.
The price of popular meme coin Shiba Inu (SHIB) plunged 4% today, with the token now trading around $0.000008. It remains to be seen in the coming days whether SHIB will mark this area as support or resistance going forward. However, the chart indicates that after a volatile period recently, SHIB has now settled into a pattern of consolidation. This equilibrium phase often serves as a prelude to a more significant price movement. For SHIB, maintaining its price above the current support level is crucial. This support acts as an important psychological barrier for market participants and a tangible sign that there is enough buying interest to prevent any further decline. Consolidation above key support levels allows the market to build momentum, as it signals accumulation by investors. In SHIB’s case, this consolidation can be seen as laying the groundwork for a potential upward price trajectory in the future. The longer the price hovers above this support without breaking down, the stronger the foundation becomes for a possible rally. Source: CoinMarketCap The RSI reading on the daily SHIB chart sits at 60, indicating neither overbought nor oversold conditions. This means there is still room for the price to move in either direction in the short term. Raising Concerns About SHIB Burn Shibburn, the official SHIB burn tracker, posted a troubling update on social media today highlighting issues with fraudulent SHIB burning portals. For over a year, the organization has received messages from distressed investors who burned large sums of SHIB tokens through portals promising rewards or passive income that never materialized. “Over 2,200 people spent over $670K on that portal, but only a handful of people received some rewards for just that first round,” Shibburn revealed. They cited one alarming case where an investor burned $5,000 of SHIB through one…
Filed under: News - @ November 23, 2023 12:10 am