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The Shiba Inu price jumped more than 3% in the past 24 hours to trade at $0.00002334 as of 7:45 a.m. EST as investors enter an accumulation drive of the meme coin.
SHIB’s pump comes after over 26 million tokens were burned in the past 24 hours, according to the SHIB burn tracking platform, Shibburn. This was a more than 5,800% increase in the number of tokens burned during the previous 24-hour cycle.
HOURLY SHIB UPDATE$SHIB Price: $0.00002344 (1hr -0.32% ▼ | 24hr 3.12% ▲ )
Market Cap: $13,802,453,499 (3.13% ▲)
Total Supply: 589,273,720,061,458TOKENS BURNT
Past 24Hrs: 26,430,838 (5803.56% ▲)
Past 7 Days: 160,003,103 (147.24% ▲)— Shibburn (@shibburn) May 10, 2024
The was also a 147% uptick in the amount of tokens burned over the last week.
The Shiba Inu Price Gets Rejected By Resistance
4-hour chart for SHIB/USD (Source: GeckoTerminal)
The Shiba Inu price was able to break out of a short-term negative channel in the last 24 hours. It then attempted to overcome the $0.00002393 resistance, but was rejected by the mark.
As a result, the meme coin’s price might be at risk of correcting down to the immediate support at $0.00002228. Continued sell pressure should SHIB reach this key price point could then lead to it falling below this mark. The Shiba Inu price might subsequently fall to as low as $0.00002050.
On the other hand, a 4-hour candle close above $0.00002393 could invalidate the bearish thesis. In this alternative scenario, traders might enter into a long position for the altcoin. With the backing of this influx of bullish volume, SHIB could climb to $0.00002571 in the short term.
Technical indicators on SHIB’s 4-hour chart, combined with a spike in sell volume, suggests the Shiba Inu price might drop in the next 12 hours. Both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators are flagging bearish.
In the last 4 hours, there has been a spike in sell volume. Meanwhile, it seems SHIB’s positive trend has come to an end. This is evident by the narrowing gap between the MACD and MACD Signal line.
The Shiba Inu Price Might Enter A Bearish Trend Soon
Although the MACD is currently positioned bullishly above the Signal line, the former collapsing towards the latter warns that SHIB might enter a new negative cycle.
Traders and investors will want to watch for a cross between the MACD and MACD Signal lines in the next 24 hours. If this happens, it could confirm that SHIB has entered a new bearish trend.
Concurrently, the RSI on SHIB’s 4-hour chart has started to slope negatively towards oversold territory. It has also dipped slightly below 50, which indicates that sellers have a bit more strength than buyers.
Should bears build and capitalize on this strength against their bullish counterparts, they might drag the Shiba Inu price down. This could lead to the meme coin falling to the aforementioned $0.00002228 safety net.
SHIB’s recent rejection from resistance could push traders to search for trade opportunities elsewhere. One opportunity with potential that investors might pivot to is WienerAI, which has already raised more than $1.4 million via its presale.
An AI Trading Companion
WienerAI is the latest canine-themed crypto to enter the vibrant meme coin ecosystem. What separates the project from its competitors is the unmatched utility WienerAI brings to the market.
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Through sophisticated AI models, WienerAI serves as a loyal companion to crypto traders and investors. Not only can the intelligent models sniff out potential trade opportunities, they can also help users make more informed investment decisions.
Within the WienerAI ecosystem, investors can also utilize the project’s seamless swap platform and take advantage of the project’s MEV protection. What’s more, all of this is available with zero fees.
A Potential 100X Opportunity
Some analysts are bullish on the meme coin, with the 99Bitcoins YouTube channel speculating that the altcoin could be the next 100X opportunity.
Investors that want to buy the crypto at this early stage can do so through the project’s official website.
Selling for $0.000705, the crypto can be bought using either ETH, USDT, BNB or bank card with the simple widget embedded on the site.
Investors will want to hurry, because the crypto’s price is set to increase in less than 19 hours. Another reason to act fast is that the 653% annual staking yield that it offers to presale buyers will reduce with time.
Purchase and stake WienerAI here for up to 655% in annual rewards.
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