Shiba Inu Faces Price Dip amid Market Uncertainty
Shiba Inu (SHIB) has seen a price decline over the past three days, wiping out some of its earlier gains. The coin’s value dropped to $0.00001270, a 20% decrease from its peak last week.
This downturn is linked to broader market fears. US stocks took a hit on Friday, with major indices like the Dow Jones and S&P 500 falling over 2%. The crypto market also suffered, with Bitcoin (BTC) sliding from nearly $89,000 to below $82,000. the total crypto market cap is now at $2.7 trillion, and the crypto fear and greed index stands at 24.
Despite a rise in token burns, Shiba Inu’s price has still fallen. The 24-hour burn rate increased by 30% to 2.01 million,with cumulative burns exceeding 410 trillion. Token burns reduce the number of coins in circulation, creating value. In the past few days, two users burned two billion tokens.
Shibarium’s total value locked has risen 24% in the last 30 days to $2.5 million. ShibaSwap’s TVL increased by 37%, while WoofSwap and ChewySwap saw 31% and 20% jumps, respectively.
On the SHIB price chart, the coin has been under pressure for months, falling from $0.00003345 in November to $0.00001268. It remains below key moving averages,indicating bearish pressure. However,it’s still above the crucial support level at $0.00001235.
A break-and-retest of this support is a positive sign. The daily chart shows a falling wedge pattern, suggesting a potential bounce in the coming weeks. If SHIB breaks above $0.00001560, it could reach $0.00002215. A drop below $0.000010 would negate the bullish outlook.
