There is good news from Shiba Inu, the second biggest representative of the meme coin trend started by Dogecoin. Stunning with the rise it started in the second half of 2021, SHIB has a large investor army. The meme token, which has a secret rivalry with Dogecoin, is just below the 12th rank Dogecoin in the Coinmarketcap ranking.
Although some investors stay away from SHIB due to its high supply, we see that SHIBs continue to be burned. According to Etherscan data, after increasing SHIB transfers, 706.1 million SHIBs were burned in the last 24 hours and sent to the burn address.
This unused wallet already has $14.8 billion in SHIB. This corresponds to 41% of the circulating supply.
When we look technically, we see that the correction of the 1646% rise is also hard.
We are at an important resistance point in SHIB, which has retreated 60% from its peak. The price will need to break above the fibonacci 0.618 level and hold the $0.00003697 level to continue its upward trend in the short term.
If we see this rise, below this level can be considered as a stop at the 4-hour close.
If this level is not broken, our next safe buy zone is passing at 0.00002296. If the price pulls back to this level in the short term, it could be a good buying opportunity.
At closes above $0.00003697, $0.00004240 and $0.00004682 will be our new resistance levels.
A stop should be made in the closings below the $0.00003419 level.
As long as $0.00003468 is protected, we can see $0.00003697 broken as if the daily close is like this, the daily ma20 will be broken.
*Not Investment Advice.