Shiba Inu (SHIB) Shows Signs of a Potential Turn Upward
Despite the recent retracement of gains in the cryptocurrency market, there are indications that Shiba Inu (SHIB) could experience an upward trend. One notable sign is the significant increase in the burn rate of SHIB, which has surged by 419.94% in the past 24 hours. This has resulted in the removal of nearly 40 million SHIB from its total supply within just one day.
Bearish Sentiment for SHIB
On the other hand, real-time one-day technical analysis from TradingView suggests a bearish sentiment for SHIB. Oscillators indicate a ‘sell’ at 14, while moving averages point to a ‘strong sell’ at 14. These indicators reflect a negative outlook for SHIB in the short term.
Predictions for SHIB
CoinCodex’s AI algorithms predict a potential increase of 10.53% for SHIB in the next month, estimating a value of $0.000007603. This forecast may take into account developments related to the ecosystem’s layer 2 blockchain.
Hot Take: Shiba Inu’s Potential Upswing
While some signs point to a potential upward movement for Shiba Inu (SHIB), it is important to consider both the burn rate increase and the bearish sentiment reflected in the technical analysis. The surge in burn rate indicates increased activity and potential demand, but the bearish sentiment suggests caution. Investors should carefully assess these factors before making any decisions regarding SHIB.
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