Shiba Inu Price Analysis: How EMA Death Cross May Stall $0.00002 Breakout
Release: 2024/07/14 02:44 Reading: 587
Shiba Inu Price Analysis: Reversal Rally Expected Amidst Market Recovery
With the anticipation of Bitcoin surpassing $60,000 and the potential listing of an Ethereum ETF, meme coins are experiencing increased momentum. Market analysts speculate that the broader market recovery could trigger a rapid reversal rally for Shiba Inu.
Shiba Inu Price Analysis
Shiba Inu has fallen below its 200-day EMA, indicating a clear downward trend. A pullback channel has formed on the daily chart, indicating a steady decline. However, a trend reversal seems imminent.
The significant decline has reduced Shiba Inu's value by 22% in the past 30 days. The 50-day and 200-day EMAs are approaching a potential death cross signal. Currently, Shiba Inu trades at $0.0000172 with an intraday gain of 4.4%.
Burn Rate Soars
Data from Shibburn reveals a remarkable 325% increase in the Shiba Inu burn rate. Approximately 2.87 million coins have been burned in the past 24 hours.
Market Recovery and Future Prospects
The broader market recovery has invigorated Shiba Inu, resulting in a 14.8% gain over the past week. Price analysis suggests the potential for a new bull cycle, supported by the recent increase in the burn rate.
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