CandleFocus Shiba Inu’s Price: 142 Trillion Unburned Tokens Put Support at Risk
2024-10-23
Author: Content Editor
The price of Shiba Inu (SHIB) is hovering around a crucial support level of $0.000018, but there is concern about the large number of unburned tokens, which poses a risk to price stability. The derivatives market for SHIB is showing bearish sentiment, with a decline in trading activity and caution among traders. Long traders have experienced liquidations, indicating a cautious market. The $0.0000181 level has acted as strong support, but a consistent close below these levels could lead to further downside risk. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicate neutral and bearish momentum, respectively. Despite bearish sentiment, SHIB maintains a strong market cap and long-term interest from holders. The token's price may be influenced by Bitcoin's movements, and price forecasts for 2024 and beyond suggest a range of potential prices, but these predictions may be impacted by the unburned token supply.
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