📉 Currently, the price of Shiba Inu (SHIB) is weakening in the short term, fluctuating around the range of $0.0000118–$0.0000122 and is below the EMA20/50/100/200 moving averages, signaling the possibility of further decline.
🔥 However, the token burn activity has surged, with over 521 million SHIB burned in the last 24 hours, bringing the total burn last week to 116 million SHIB – an increase rate of over 112,000%.
📊 Technically, SHIB is supported at the range of $0.0000114–$0.0000116 and needs to break the resistance at $0.0000127 to aim for the target of $0.0000135.
🔮 Although there are some recovery signals such as the Falling Wedge pattern and MACD, trading volume and open interest are declining, indicating that investor sentiment is not very enthusiastic anymore.
🧩 Overall, investors should be cautious, observe the price reaction around the level of $0.000012, and monitor the burn strategy from the community to make appropriate decisions.
