Current price:
* The price of Shiba Inu is currently trading around $0.000015.
* In the past 24 hours, there has been a slight decline ranging between 0.13% and 5.32% depending on the source.
* However, over the past week, Shiba Inu has made significant gains, rising between 11% and 26%.
Price analysis:
* In the short term, the Relative Strength Index (RSI) on the 30-minute timeframe indicates an oversold area, while the MACD shows a bearish crossover, suggesting continued negative momentum in the short term.
* There is a critical support area ranging from $0.00001430 to $0.00001450.
* To regain bullish control, buyers must flip the level of $0.00001560 to support and attempt to retest the level of $0.00001618.
* In the long term, Shiba Inu is still trading above the key breakout area from April, but the trend is weakening.
* The 50-day moving average is trending upwards and may act as support, while the 200-day moving average is trending downwards and may act as resistance.
Other news:
* Coin burns: Shiba Inu coin burns are approaching the 410 trillion mark. Although this is considered a major achievement in the larger contraction plan for the coin, its impact on the price has been minimal so far. The market has already absorbed previous burns, and the prevailing sentiment is unlikely to change unless there is a significant increase in the burn rate.
* Notable growth in one week: Shiba Inu and Dogecoin experienced double-digit weekly growth, sparking interest in meme coins again.
* Major sell-offs: Despite recent highs, there have been sell-offs by large investors ("whales"). However, some analysts expect a rebound based on the rising burn rate and the growth of Shibarium network users.
* Price forecasts:
* InvestingHaven predicts significant volatility in 2025, with a potential price range between $0.0000137 and $0.0000721.
* Binance expects the average price to reach $0.000015 by 2025.
* TradingView analysis indicates a major support area where 103 trillion Shiba was bought by 362,050 addresses at an average price of $0.000011.
In summary:
The price of Shiba Inu is experiencing a slight pullback today after strong gains over the past week. Traders are closely monitoring key support and resistance levels. While coin burns are ongoing, their immediate impact on the price has been limited. Future forecasts remain mixed, with expectations of significant volatility and potential for upward movement.
I hope this is helpful!
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