SHIB price reflects technical data forecast at the beginning of summer. For the Shiba Inu, if market conditions continue, a break from the 13th July low of $0.00000970, is likely.
Shiba Inu price drops as expected
Shiba Inu (SHIB) price is showing bearish signals that traders should be aware of. Since July, the meme coin has been trending upwards towards $0.00001700. Technical indicators and on-chain metrics suggested that a sharp reversal could occur after the uptrend. Therefore, the forecasts were warning investors to realize profits near the target area.
On August 12, the Shiba Inu price witnessed a 35% increase in the expected target region. Since a one-day increase occurred, the SHIB price has been freely falling. It also mobilized investors that they may have been late to the opportunity to take profits. This caused traders to question whether the Shiba Inu price would give them a second chance to make a profit.
SHIB could drop to these numbers
The Shiba Inu is currently trading at $0.00001232, which is 30% lower than the bullish target zone. The Volume Profile indicator near the top of the bulls and the Relative Strength Index with sufficient cushioning above the ideal buyer level suggest that SHIB price may continue to decline. Additionally, September has been a bearish month for Cryptocurrencies for four years. In addition, cryptocoin.com As we reported, many analysts have already shared their bearish expectations for Bitcoin in September. Therefore, a drop to lower levels is highly probable for the meme coin.
From the analysts’ point of view, the price drop determined for SHIB will continue until $0.000000970. The invalidation of the downside argument from the July 13 low of $0.000000970 will be a breakout and closing candle of $0.00001700. If the bulls can break through this level, a 100% increase from the current Shiba Inu price is possible. At this point, the meme token will rise as high as $0.0005400.
Over 1 billion SHIB burns took place in the last week
SHIB burners have burned 57.30 million Shiba Inu tokens in the Last 24 Hours. Thus, they made 1.21 billion weekly burns. The burns have a positive effect on the price of the meme coin. Because the term incineration basically refers to the transfer of assets to a dead wallet and removing them from circulation.
According to a platform tracking Shiba Inu, the SHIB community has burned 121 transactions in the past week. In these transactions, they destroyed 1.21 billion SHIB worth $14,427. Thus, burns have passed the 1 billion threshold for the first time since July 18 on a weekly basis. However, the ShibaBae Token, a newly emerging token that deals with Shiba Inu burnings, has made the most burns.
