During April, there were 204 different transactions on the Shiba Inu network There was a burning of approximately 1.69 billion SHIB tokens.
The significant reduction in the available supply of the popular memecoin Shiba Inu in April was not caused by strategic market maneuvers by the market, but by random transfers of SHIB.
Market reacts to SHIB 1.69 billion burn
According to ShibBurn representatives, the surge in token burns was mainly due to users mistakenly sending SHIB to the Contract Address.
Meanwhile, technical analysis reveals potential growth signals for Shiba Inu. The formation of a bullish flag on the daily SHIB chart indicates a possible upward price trajectory.
A possible bullish breakout through the $0.000023 and $0.000025 resistance levels could flip the coin from current support levels to $0.000071.
However, the recent decline is holding back the broader picture of SHIB's prospects. The price of the meme coin has fallen 60% from this year's high. It fell below the 50-day exponential moving average and found support only at the 100-day EMA.
The relative strength index (RSI) and other indicators add to the bearish outlook. This warns that the road to recovery may be challenging.
In the current volatile market conditions, the next critical support for the token is $0.000018. A break below this point could trigger a further decline, potentially to $0.000010.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
