- SHIB is currently trading hands at $0.000009328 after a 0.63% increase in price.
- The continuous burning of SHIB is counteracting with the force of the current sell volume.
- Decreased sell volume and the continued burning of SHIB will see SHIB’s price rise exponentially.
Shiba Inu (SHIB) is in the green today, according to the crypto tracking website CoinMarketCap. SHIB is currently trading hands at $0.000009328 after a 0.63% increase in price over the last 234 hours. The meme coin is also still up by about 1.02% over the last week.
The meme coin was also able to strengthen against Bitcoin (BTC) and Ethereum (ETH) by about 0.40% and 1.76% respectively over the last day.
The weekly chart for SHIB/USDT shows that trading activity for SHIB over the last several months has been relatively flat. This can also be seen by the MACD and EMA indicators that also show little to no activity on the chart. This lackadaisical chart activity suggests that SHIB has either established its bottom or is very close to doing so.
A potential reason for the minimal activity on SHIB’s chart could be because the continuous burning of SHIB is counteracting with the force of the current sell volume.
Investors and speculators looking to enter into a long term long position in the meme token should wait for the burning of SHIB to have a positive net effect on the token’s price. This will be the first indication of diminishing sell volume.
Decreased sell volume and the continued burning of SHIB will see SHIB’s price rise exponentially. A possible hint that the crypto market will transition out of the current bear market could be Jerome Powell’s recent comment that US interest rate hikes will slow down. Investors may also want to wait until this becomes a new trend for US interest rates.
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