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Shiba Inu Price Prediction: SHIB Breaks Past Resistance – Heading to $0.02?

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Shiba Inu Price Prediction August 21st
Shiba Inu Price Prediction August 21st

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Shiba Inu SHIB’s market is adverse today, even after the bull attempts to recover its upward momentum between August 22 and 23, 2023. This bearish trend has affected most traders’ sentiments, as many fear it could hit the low price level recorded on June 10.

Moreover, SHIB’s market value today, August 28, is $0.00000793 at 05:31 AM EST, indicating a 2% loss in the last 24 hours. 

Shiba Inu Maintains Downward Trajectory as Selling Activity Persists

Data from TradingView shows that the token sustained downward movements for five days, dropping SHIB’s value by 5%. Again, the asset has recorded a price loss of 3% in the past 30 days and has lost 25% of its market value over the last 14 days.

As the buying pressure remains insignificant, investors short their positions, making SHIB’s value dip further from its price in the past week.

Shiba Inu Positioning for Market Upturn?

The outlook of SHIB’s market from the chart above reveals that the SHIB/USD pair is below the 50-day and 200-day Simple Moving Average (SMA), meaning the token is bearish.

Shiba Inu

This bearish state is also reflected in the red candle sticks as the bears exerted selling pressure for five consecutive days. Also, the Moving Average Convergence Divergence (MACD) validates the token’s current state as it goes below the signal line.

Furthermore, SHIB’s Relative Strength Index (RSI) at 40.38 consolidates the signals from the SMA and MACD indicators, confirming the asset’s bearish trend.

However, the MACD’s red histogram bars are fading, showing the likelihood of a buying pressure very soon.

Again, the asset has recorded a slight positive 24-hour trading volume of 7%, indicating that buying activity is building up in the SHIB/USD market. This supports the signal from the MACD’s histogram bars.

Shiba Inu SHIB’s Support and Resistance Levels

Shiba Inu

Considering the chart above, the SHIB/USD market extensively tested the bullish trend line; if the bearish momentum is retained today, the asset could fall below the bullish trend line.

As this occurs, negative market sentiment will set in, causing traders to increase selling activity. This will further drag the SHIB’s market value to the support at the $0.00000792 price level.

However, if the bulls take possession of the market, the SHIB/USD pair could break out above the bearish trend line, stimulating buying pressure. This could bring more investors into the market, forcing the token to surge to the $0.000001064 resistance.

But note that the crypto market is highly volatile. SHIB’s market behavior is likely to change from the analysis done above. So, carry out an in-depth technical analysis before investing in the asset.

Whale Inactivity Sign of Further Price Decline

Reports show that SHIB whales have reduced their activities due to the forthcoming Shibarium relaunch. According to the report, the SHIB market recorded slight volatility as the whales are cautious of another technical issue.

The stance of the whales (the market movers) comes from the unfavorable effect of the first Shibarium launch, which had technical issues.

So, the market movers are playing it safe until the relaunch occurs. If it goes south, they could short their positions, causing SHIB’s value to plummet further.  

SHIB’s Burn Rate Decline Could Mean Market Value Decrease

According to data from Shibburn, SHIB has recorded a total burn of over 410 trillion tokens, a current supply of more than 579.5 trillion, and above 9.7 trillion staked tokens.

Shiba Inu

It further revealed that SHIB’s burn rate has fallen by nearly 3% in the last 24 hours as over 93.7 million tokens were destroyed.

This indicates the possibility of the asset’s market value dropping. Notably, as the amount in circulation remains relatively high, the demand for the tokens will fall, making its price decline.

Record-Breaking Stake-And-Earn Crypto Projec $SONIK Proving its Worth

Sonik Coin ($SONIK) has proven to be the fastest stake-and-earn meme project following its success rate during the ongoing presale. It has hit a presale milestone of $600,000 in its presale, reflecting the increasing interest of the online investment community in the project.

Sonik Coin is a promising project created for everyone to benefit from the ongoing excitement within the crypto community following the success of the meme sector. 

The idea of the initiative was drawn from Sonic the Hedgehog, a character with remarkable speed for survival in the Japanese SEGA game series. The founders believe that the token could thrive like the character in the game to attain appreciable heights in the crypto market. 

SONIK’s success could be linked to its similarity with the attributes of the popular character “Sonic the Hedgehog,” owing to the support from crypto enthusiasts.

However, the project team stated on its official website that it is not affiliated with the company that produced the video game. Instead, the founders are hopeful that the stake-to-earn will thrive using the speed of light to yield significant rewards to investors.

Furthermore, the project’s unique and amazing staking features enable $SONIK to record huge adoptions even in its presale session. This is a good sign for a potential price explosion when it launches on the DEX and CEX platforms. 

Information from the project’s official websites shows the success of the ongoing staking activity. It now has over 22.5 billion $SONIK tokens staked out of the 299 billion.

An exciting part of the project is that it runs on the reputable Ethereum blockchain, meaning that the smart contract for the staking program is secure and trustworthy.

The impressive APY% attracts investors, and those who have purchased the token before now are positioned to make substantial profit. 

$ SONIK’s Impressive Presale Activity

Today, $SONIK has raised more than $625000 at the presale price of $0.000014. The presale will end in less than eight days. Sonik Coin is expected to hit a hard cap of over $2 million during the presale and a market cap of 1 billion.

To join the early investors, visit the presale website, connect a dApp crypto wallet, and follow the instructions carefully to acquire some $SONIK tokens.

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