Shiba Inu's price remained stable as meme coins rebounded and a golden cross pattern approached. The increase in price was fueled by a shift to risk-on sentiment following Donald Trump's election victory, which could lead to more favorable regulations for the crypto industry. There has also been a significant increase in the number of Shiba Inu tokens being burned, which helps support the token's value by limiting supply. Despite a decline in transactions and fees in Shibarium, SHIB's futures open interest rose, indicating growing demand. Technical indicators suggest that SHIB's price has further upside potential, with a potential 54% gain if it breaks a key resistance level. However, a drop below a support level would invalidate the bullish outlook.
- Content Editor ( crypto.news )
- 2024-11-06
Shiba Inu déjà vu? 2 reasons SHIB price may rocket higher