Shiba Inu (SHIB) recently experienced minimal trading volume, a factor that is affecting the crypto’s price prediction.
Below are all the details.
Shiba Inu price prediction: the crypto may not register major movements
Based on the latest crypto data, we see that with Bitcoin (BTC) hovering above the $26.5K price range, this factor could lead to a lack of significant price movements in the short term for Shiba Inu.
In addition, the support level of $0.00000807 represented a significant rally for Shiba Inu’s bulls, providing the basis for SHIB‘s high since the beginning of the year, which is $0.0000160.
As a result, when the price fell to the key support level above, the general expectation was for a rapid rally for the coin, as it was the first time this support level was tested.
However, what prevented Shiba Inu from initiating a rebound was the lack of trading volume. Indeed, on 23 May, we see that bullish traders encountered strong resistance and the RSI remained below the 50 threshold.
The OBV, on the other hand, remained steadily declining, suggesting a decrease in volatility, while the CMF fluctuated above and below zero, highlighting a lack of resolve in capital inflows.
In conclusion, as far as the price prediction for the Shiba Inu crypto is concerned, we can say that any significant movement for the coin will depend on the increase or decrease in volume over the next few days.
Specifically, we have two possible scenarios. The first, in which sellers could extend their leverage to close below the $0.00000807 support level.
The second, in which buyers could get the bounce and target the mid-April high of $0.0000116.
Over 2.9 billion SHIB tokens burned in one week
Based on the latest news, we see that after another remarkable burning of SHIB tokens, its burning rate has risen more than 1450% in the last 24 hours. In other words, over 2.9 billion SHIB have been burned by the Shiba Inu community this week.
However, the price has not shown any significant change as other meme coins have been trading at a higher volume than Shiba Inu.
In addition, according to the Shibburn portal, 231,886,112 SHIB tokens were burned in eight transactions in the past 24 hours.
The burn occurred from two different wallets: a dominant one that burned 200,583,666 SHIB tokens and another that burned 16,324,455 SHIB tokens.
In all this, we see that Shibburn has announced the launch of a Web site in June to increase the speed of burning.
Hence, the aim will be to introduce several tools to facilitate burns. Meanwhile, lead developer Shytoshi Kusama and the administrator of Shibarium’s Telegram group hinted at the likely launch of Shibarium’s mainnet around August.
As for price, we see that Shiba Inu has continued to move sideways this week, losing 15% in May due to the arrival of new meme coins such as PEPE.
In fact, the SHIB price is currently trading at about $0.0000087.