CandleFocus SHIB Dips 3% Post $0.00001979 Monthly Peak; What's Next?
2024-10-31
Author: Content Editor
The Shiba Inu token (SHIB) recently reached a monthly high but experienced a slight retracement. However, its weekly performance remains solid, supported by a bullish trend in the cryptocurrency market. The increase in daily active users on the SHIB network reflects growing interest and suggests enduring demand, which could stabilize the token's price. The burn program for SHIB saw a significant rise, reducing the token's supply and potentially increasing its valuation. Technical indicators point to a possible cooling-off period for SHIB, with potential support around $0.00001793. The cryptocurrency is expected to trade within a defined range in the near term, and a break above resistance levels could indicate a stronger bullish outlook. A move below certain support levels would signal a more pronounced bearish turn. Overall, the coming days will determine whether SHIB can maintain its bullish resilience or enter a deeper consolidation phase.
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