Shiba Inu Bearish Sentiment Persists Despite Increased Burn Efforts

Updated:

Shiba Inu (SHIB) maintained a bearish streak on Friday as the meme token approached the $0.0000110 mark. This comes even as developers ramp up efforts to burn huge amounts of tokens, which has failed to reflect on the cryptocurrency’s price.

Popular Shiba Inu burn metrics tracker Shibburn recently announced plans to launch a new iOS, Android, and Alexa skill for the Shibburn Radio application. Reports suggest that the new app release will boost the burn rate of Shiba Inu, which has already recorded a notable spike in the past few weeks.

According to data from Shibburn, 51.3 million SHIB tokens have been burned in the last 24 hours alone. With burn rates like this, community members are confused as to why it has yet to take a positive effect on the token price.

In the last two weeks, the meme token price recorded a cumulative growth of about 10%, bringing glints of hope for investors. However, this week, the cryptocurrency is down by a disappointing 12%, despite the recent launch of the Ethereum Merge.

Interestingly, the Merge has been fingered as one of the main reasons for the slump, considering most of the crypto industry recorded a steep drop following the Merge launch.

Key Shiba Inu Levels to Watch — September 16

Shiba Inu is on the verge of breaching the critical $0.0000113 mark, where the pivot base rests. The recent fall has driven the cryptocurrency to its lowest point since late July, as the crypto winter persists.

SHIBUSD – 4-Hour Chart on Binance. Source: TradingView.

That said, a successful defense of this mark over the coming hours would stall the bearish trend seen this week. Such action will also highlight the resistive property of this mark, which should spark a rebound towards $0.0000130 for the meme coin.

Meanwhile, my resistance levels are $0.0000120, $0.0000130, and $0.0000140, and my support levels are $0.0000110, $0.0000100, and $0.000090.

Total Market Capitalization: $949.1 billion

Shiba Inu Market Capitalization: $6.23 billion

Shiba Inu Dominance: 0.65%

Market Rank: #14

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.