This notable spike in SHIB token burns comes at time when market eagerly anticipating significant price shift
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This notable spike in SHIB token burns comes at a time when the market is eagerly anticipating a significant price shift amid lackluster trading activity in Bitcoin and other major cryptocurrencies, including SHIB.After three consecutive days of increases, Shiba Inu jumped as much as 20% to reach highs of $0.0000294 on May 29. However, following this impressive ascent, the dog-themed coin is now experiencing a phase of profit-taking as investors seek to capitalize on the gains.was down 2.
The market's reaction to the present profit-taking phase might be crucial in determining SHIB's short-term price trajectory. If the selling pressure is absorbed by buyers, the price may stabilize or even continue its upward trajectory. On the other hand, if the profit-taking leads to a more sustained sell-off, it could test the support levels of the SHIB price.
In this scenario, Shiba Inu sustaining above the daily SMA 50 at $0.00002454 could be critical in maintaining SHIB's upward price momentum and preventing additional losses.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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