Unraveling Shiba Inu’s Future: Decoding SHIB’s Performance Mysteries

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Despite the continued optimism in the cryptocurrency market, it seems that the price of Shiba Inu coins is underperforming that of its rivals.

SHIB price, however, is currently attempting to catch up after producing only 6.13% in “Uptober,” posting returns of 9.76% in the first nine days of November.

The price of Bitcoin surpassed $37,000 on Thursday for the first time since May 2022. The largest cryptocurrency reached fresh yearly highs, which caused the market to turn green.

As a result, the SHIB coin had excellent market activity and gained 3.5% today.

According to the most recent Shiba Inu news, the burn rate of the coin with a dog theme has significantly increased during the past 24 hours.

Since yesterday, the community has transmitted more than 9.79 million tokens to dead wallets, which has caused the SHIB burn rate to surge by 704%.

One of the main causes of the present bullish price behavior of the Shib Inu currency is the burn rate, which exerts deflationary pressure on the coin’s supply. Since the beginning of this week, 120 million tokens have been burned on a weekly basis.

Most experts focus solely on cryptocurrency pairs denominated in US dollars. But in the process, they overlook how strong these coins are in comparison to Bitcoin, the most valuable digital asset on the earth.

Thus, we need to examine the price movement of the SHIB/BTC pair in order to make an accurate Shiba Inu coin price prediction.

This pair has broken below the 0.000000000232 support level, as seen in the accompanying chart.

As a result, it is preferable to hold off on buying the SHIB/USD pair until this support has been reclaimed.

Consideration should also be given to Bitcoin dominance (BTC.D), which is increasing again following a minor decline from 54.4%. This is because during periods of high rise in BTC.D, most altcoins underperform the price of BTC.

A daily timeframe analysis of the SHIB to USD chart makes it evident that the pair is trying to break out of the downward trend. But given the current state of the popular dogcoin’s Bitcoin pair, it is too soon to call for any upside.

The SHIB price has broken above the 200 MA, which is a significant indication of strength, according to technical analysis as well.

There is a good probability that the Shiba Inu coin price will break out from the declining trendline as long as it stays above this moving average on the daily chart.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial or investment advice. Always conduct your research before making any financial decisions.

Unraveling Shiba Inu's Future: Decoding SHIB's Performance Mysteries

Techno Tropics

Techno Tropics is a passionate tech enthusiast and the voice behind it, a leading source for daily updates on AI, big data, analytics, and cryptocurrency. Stay tuned for the latest tech news and insightful analysis.
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