Shiba Inu (SHIB) has entered a bearish phase after forming a “death cross” on its three-hour chart, with the 9-day moving average slipping below the 26-day average. This technical signal often indicates weakness and the potential for extended downside moves. $SHIB
The meme coin dropped below the $0.00001223 support, sliding to $0.00001214 at press time — a 0.68% dip in the past 24 hours. SHIB also fell from an intraday peak of $0.00001244, fueling concerns of further decline toward the $0.00001165 support level.
Despite the bearish signal, SHIB investors have shown resilience. Trading volume surged 17.25% to $221.76 million, hinting at continued market engagement and potential for a reversal. $SHIB
On the flip side, Shiba Inu’s burn rate crashed by 98% in the last 24 hours, with just 223,914 tokens sent to dead wallets. This sharp decline, following a recent 1,000% spike, raises concerns about supply pressure if burning momentum is not restored. $SHIB
For now, Shiba Inu remains at risk of further losses unless bulls step in to defend key levels and revive the burn mechanism.