Shiba Inu Ready For A Breather? Crypto Analyst Says 'SHIB Needs To Rest' After Touching Record High
Portfolio Pulse from Mehab Qureshi
Cryptocurrency analyst AwesomeAvani suggests Shiba Inu (CRYPTO: SHIB) needs a cooldown after its recent rally, likening its price activity to a team of sled dogs needing rest. The use of VWAP in analysis indicates a potential temporary ease in SHIB's price movement. Another analyst, Rekt Capital, predicts a possible surge to $0.000066. On-chain data shows a slight dip in SHIB holders but an increase in new accounts, alongside a significant token burn event. SHIB's price is currently down 4.1%.
March 07, 2024 | 6:10 am
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Shiba Inu (CRYPTO: SHIB) is suggested to need a cooldown after a recent rally, with a potential temporary ease in price movement. On-chain data indicates a slight dip in holders but an increase in new accounts, and a significant token burn event occurred. Currently, SHIB is down 4.1%.
The analysis by AwesomeAvani suggests a temporary cooldown for SHIB after its recent rally, indicating a potential short-term negative impact on its price. The on-chain data showing a slight dip in holders but an increase in new accounts, alongside a significant token burn, could have mixed effects. However, the current 4.1% decrease in SHIB's price aligns with the prediction of a short-term negative impact.
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