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Historic Moment for Shiba Inu: These Levels Seem Close!

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Cryptocurrency analyst Tomiwabold Olajide and Tony M examine Shiba Inu’s (SHIB) technical perspectives. Tomiwabold Olajide points out SHIB’s flea trend. Tony M talks about the turmoil in the SHIB market. We have compiled analyst predictions for our readers.

“The Shiba Inu demonstrates this historical trend”

The price of the Shiba Inu has reached a 10-month low after recent market sales. The meme coin reached an intraday low of $ 0.000074 on June 14. It then returned to a price range last seen in August 2021. The Shiba Inu, which grew 1,000 percent in May 2021, refused to enter the consolidation. The Shiba Inu hit highs of $ 0.0004 in early May. However, he canceled all his earnings to return to lows of $ 0.00006 the following month.

If history is any indication, the Shiba Inu are known for long periods of consolidation lasting more than five months, particularly in 2021 (late May to late October). After this consolidation, SHIB increased by thousands of percentage points to reach the ATH level of $ 0.000088 on October 28, 2021.

shiba inu

cryptocurrency.comAs you can follow, SHIB is currently trading 90% below its peak. If history were any guarantee, it is possible for SHIB to consolidate for a while as the market stabilizes, before the next big move. However, it should be noted that historical returns do not guarantee future results. SHIB is down about 11% from $ 0.00000856 at press time, in line with recent cryptocurrency market crashes.

297 million SHIB burned in the last 24 hours

According to Shibburn, 239,535,584 SHIB tokens went to the burn wallet in the past 24 hours. In this context, 11 operations were carried out. A total of 297,008,375 SHIBs have been burned since the last day from the SHIBburn website. Also, according to Shytoshi Kusama, lead developer on the project, Shibarium, the highly anticipated Add-2 solution of the Shiba Inu ecosystem, will be available soon.

The average balance of Shiba Inu’s top 100 SHIB whales increased slightly to 2.9 billion at press time. That’s why SHIB continues to see pressure to buy from whales. According to WhaleStats, the number of SHIB holders is increasing to 1,180,440. However, the recent drop in prices has caused the average SHIB value of whale ownership to drop. Also, at the moment, the top 500 ETH whales “hold” $ 459,605,432 worth of SHIB.

Technical analysis of the Shiba Inu price

Cryptocurrency analyst Tony M analyzes SHIB’s technical outlook as follows. The Shiba Inu price continues to decline as the bears show no remorse. On Wednesday, the SHIB price is trading at $ 0.00000777. The bulls are actually forming a doji candle on the 2-day chart. Practical traders who see this signal will stay away from SHIB. However, it is possible for riskier traders to open short positions to be featured on the next slide. The collapse of the Doji candle below $ 0.00000750 triggered turmoil in the market. This is likely to send the SHIB price in the ATL region as well.

The SHIB price is now only 35% above the ATL level of $ 0.00000510. From the ATH level of $ 0.000008854, a Fibonacci projection tool to the side triangle shape from February is forecasting the 100% Fib level, 17% below the current Shiba Inu price at $ 0.00000678. This provides a subtle consolidation for the continuation of the bearish trend. The amortized goal is centered on a monthly territory that begins throughout May and ends in mid-September 2021. This is a catalyst for the infamous 10X bull run of October 2021.

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2-day chart SHIB

An invalidation of the downtrend is due to a break above a declining trendline currently located at $ 0.00000950. If the bulls break out of this level, a rally to $ 0.00001400 is possible, a 75% increase from the SHIB price.

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