What You Should Know:
- The large transaction volume for SHIB has plummeted by 74% over five days, with whale activity dipping more than 80% this month, indicating reduced liquidity.
- Despite bearish trends and a resistance level at ~$0.00001470, experts are cautiously optimistic about future developments linked to Shibarium and ongoing token burns.
The cryptocurrency market is currently facing significant volatility, influenced by global economic uncertainties. Shiba Inu (SHIB) has formed a resistance zone between $0.00001467 and $0.00001470, where heavy selling at high volumes has impeded upward movement, as identified by CoinDesk’s technical analysis.
Technical Highlights:
- SHIB exhibited noteworthy fluctuations over the last 24 hours, with a price range from $0.00001469 to $0.00001425.
- Resistance is noted around ~$0.00001467-$0.00001470, with compelling selling pressure concentrated during peak hours.
- Purchases near $0.00001426 to $0.00001436 show that buyers are cautiously stepping in despite declining support.
Analysts’ Outlook:
Despite recent setbacks, several analysts maintain a bullish outlook on SHIB’s trajectory. They foresee potential price targets of $0.0001 by 2029, with some optimistic forecasts reaching $0.01 by 2040, contingent on substantial supply cuts facilitated through token burns.
For more technical insights and analysis, click the link: Coin Edition.
