Shiba Inu (SHIB) price is in the red as it gives back the gains accrued this week amid increased profit-booking. The second-largest meme coin has decreased 2% in the last 24 hours to trade at $0.00000816 on Thursday, during American business hours. Selected tokens like Solana (SO...
Shiba Inu (SHIB) price is in the red as it gives back the gains accrued this week amid increased profit-booking. The second-largest meme coin has decreased 2% in the last 24 hours to trade at $0.00000816 on Thursday, during American business hours.
BlackRock has made first step towards filing for a spot Ether ETF. I just confirmed on the website myself. Nice catch by @SummersThings https://t.co/mLKIhKdiI6— Eric Balchunas (@EricBalchunas) November 9, 2023
Shiba Inu Price Prediction: Where Is SHIB Headed?
However, the resistance highlighted by the 200-day Exponential Moving Average (EMA) (red) at $0.00000835 hindered the move, resulting in a minor correction to the immediate support at $0.00000777—the 100-day EMA (blue).
Consolidation is expected within this region confined by the 200-day resistance and the 1000-day support. This period would be of great importance to SHIB as it would allow more buyers to consider seeking exposure to SHIB ahead of the anticipated ETF approval rally.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator could validate a longer pullback, especially if a sell signal comes into the picture.
The call to sell SHIB would manifest with the blue MACD line crossing below the red signal line. The MACD would also be required to generally slope towards the neutral region to increase the chances of a significant correction.
If support at $0.00000777 is lost, then traders would have a reason to worry. In that case, declines could extend $0.0000074, allowing for the collection of more liquidity ahead of the next rebound.
Shiba Inu Burn Rate Explodes
This week has been tremendous for Shiba Inu in terms of the tokens removed from the available supply. According to the Shibburn website, the burn rate has in the last 24 hours increased by more than 3,300%, bringing the total number of tokens burned to over 410 trillion.
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