'Dogecoin Killer' Shiba Inu's Burn Rate Increases 227%—Then Why Are Technical Indicators So Weak?
Portfolio Pulse from Khyathi Dalal
Shiba Inu's burn rate has increased significantly, but technical indicators suggest potential price weakness. Despite a 29% surge in September, SHIB's technicals show a long-term downtrend, with decreased large transaction volume and daily active addresses.
October 03, 2024 | 12:38 pm
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Shiba Inu's burn rate has increased by 226.5% recently, but technical indicators like the SMA and RSI suggest potential price weakness. Despite a 29% surge in September, SHIB is in a long-term downtrend with decreased large transaction volume and daily active addresses.
The significant increase in Shiba Inu's burn rate is a positive sign, but the technical indicators such as the SMA and RSI suggest potential price weakness. The 50-day SMA is below the 100-day SMA, and the 200-day SMA is above both, indicating a long-term downtrend. Additionally, decreased large transaction volume and daily active addresses further support the bearish outlook.
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