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SHIB Burn Rate Drops 82% in 7 Days – What’s Behind the Memecoin Slowdown?
Over the past seven days, the Shiba Inu (SHIB) burn rate has witnessed a striking 82% drop, sparking concerns over whether the project is losing momentum. Despite this slowdown, recent on-chain metrics and technical signals suggest that SHIB might be preparing for a bigger move.
It appears that SHIB’s price structure, combined with whale accumulation and specific indicators, reveal signs of preparation rather than retreat. The current market activity and trends indicate potential for a bounce rather than a breakdown.
SHIB recently bounced from a key accumulation zone between $0.00001035 and $0.00001393, demonstrating support from demand. Additionally, the RSI indicator registered at 34.90, indicating SHIB’s price is near oversold territory – an area where many digital currencies tend to rebound.
However, bulls must defend the current support to shift momentum in their favor. If this occurs, it could trigger a short squeeze and further stimulate buying pressure.
Interestingly, despite the decline in burn rate, market activity remains active and reactive, suggesting that SHIB’s hype is not disappearing – merely consolidating. This consolidation phase could be paving the way for a more significant price movement.
In conclusion, recent data points toward an increased probability of SHIB bouncing back rather than breaking down further.
Source: https://ambcrypto.com/shib-burn-rate-drops-82-in-7-days-whats-behind-the-memecoin-slowdown/
