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Shiba Inu (SHIB) on Verge of Major Price Move; Here's Why

Sun, 09/04/2022 - 15:46
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Tomiwabold Olajide
SHIB will most likely make run toward next resistance on chart
Shiba Inu (SHIB) on Verge of Major Price Move; Here's Why
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Shiba Inu (SHIB) saw significant "buying activity" within a relatively short time. As seen on the 4-hour chart, Shiba Inu printed a massive green candle following the liftoff from the MA 50 at $0.0000122.

However, the token could not immediately burst through the overhead barrier at $0.00001333 and reversed back below the 4-hour MA 200 at $0.00001295. SHIB is currently trading at $0.0000126 while attempting a decisive break above this key level. At the time of publication, SHIB was just up 3% in the last 24 hours, per CoinMarketCap data.

Shiba Inu (SHIB) on Verge of Massive Breakout

If bulls succeed beyond the 4-hour MA 200 and then the current $0.00001344 barrier, SHIB will most likely make a run toward the next resistance on the chart, located almost 17% above the current price level at $0.0000148. This level may again act as a stiff hurdle, but if bulls overcome it, the rally could gain momentum to $0.000018.

The RSI remains near the 50 neutral levels, which suggests that SHIB might engage in range trading before the next major move. That said, a decisive break above these key levels might be a major catalyst for Shiba Inu's next move. Conversely, if the price breaks below $0.000012, the token could find support next at $0.000010.

Per WhaleStats data, Shiba Inu was among the top 10 assets in trading volume for the 2,000 biggest ETH whales in the last 24 hours.

1.1 billion SHIB burned in last seven days

According to the Shibburn Twitter account, over 1,114,272,184 SHIB tokens have been burned in the last seven days in over 198 transactions. In the previous week, U.Today reported 1.2 billion SHIB burned.

Recent hours have seen several transactions carrying SHIB being burned, with more than 31,339,307 SHIB burned since the past day. However, the SHIB burn rate was down 54.85% in the last 24 hours.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.