The overall cryptocurrency market has seen hard sells as the Federal Reserve took a hawkish stance. The dramatic collapse of projects like Terra (LUNA) followed and further shook the market. Since then, the market has been trying to recover. However, according to crypto analyst Tomiwabold Olajide, the Shiba Inu (SHIB) stands on the brink of major price action. The analyst explains the reasons for this on the technical side.
“Meme coin Shiba Inu is on the verge of a big move”
The Shiba Inu (SHIB) has seen significant ‘buying activity’ in a relatively short period of time. As seen on the 4-hour chart, SHIB printed a massive green candle after a rise from the MA 50 at $0.00000122.
However, the token failed to break through the overall barrier at $0.00001333 right away. It later bounced back below the 4-hour MA 200 at $0.00001295. SHIB is currently trading at $0.0000126. It is attempting a decisive break above this key level. At press time, the meme coin has increased by just 3% in the last 24 hours, according to data from CoinMarketCap.
If the bulls succeed beyond the 4-hour MA 200 and then the current barrier of $0.00001344, SHIB will most likely run towards the next resistance on the $0.0000148 chart, which is almost 17% above the current price level. However, it is possible for this level to act as a hard hurdle again. However, if the bulls surpass this, the rally to $0.000018 is likely to gain momentum.
RSI stays near the 50 neutral level. This indicates that it is possible for SHIB to enter range trading before the next big move. However, a decisive break above these key levels could be a major catalyst for SHIB’s next move. Conversely, if the price drops below $0.000012, the token will likely find support at $0.000010 in the next phase.
1.1 billion SHIB burned in the last seven days
Meanwhile, according to data from whale watching platform WhaleStats, the Shiba Inu was among the top 10 assets by trading volume among the 2,000 largest ETH whales in the last 24 hours.
Also, according to the Shibburn Twitter account, 1,114,272,184 SHIB went to the burn wallet in over 198 transactions in the past seven days. By the way, cryptocoin.com we reported last week that 1.2 billion SHIB were burned. In the last hours, more than 31,339,307 SHIB tokens have gone to dead wallets since last day. But in the last 24 hours, the SHIB burn rate has dropped to 54.85%.
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