DeFi & NFT
By Evie Vavasseur
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Shiba Inu (SHIB) has come under selling pressure, declining by 10% over the past three days as the broader crypto market experiences a cooldown.
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This correction follows an impressive rally where Shiba Inu surged by nearly 35% in a single week.
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The recent price action suggests that SHIB is undergoing a retest of a previously broken inverted head-and-shoulders pattern.
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A bounce from the current demand zone could potentially push SHIB to retest the upper resistance near $0.000025, which aligns with the 78.
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Beyond price charts, activity in the derivatives market has added another layer of insight into current trader sentiment.
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Interestingly, despite these bearish signals, derivative data suggests that bullish sentiment may be starting to regroup.
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Adding further intrigue to the current market scenario is the dramatic surge in Shiba Inu’s token burn rate.
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The recent increase in burn activity is attributed to enhanced community participation and renewed enthusiasm around SHIB’s long-term deflationary mechanics.
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In summary, Shiba Inu finds itself at a crucial junction. The asset has pulled back significantly after a strong rally, and its current position near the $0.
The Currency Analytics
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