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The dog-themed cryptocurrency Shiba Inu (SHIB) may not be having the best time right now in terms of price. A look at CoinGecko data shows SHIB in the red on all reported time frames.
At the time of writing, SHIB was down 0.2% in the last 24 hours to $0.00000722. Similarly, the crypto token is down 2.7% in the previous seven days and 5.6% in the last 30 days.
Shiba Inu’s recent performance is not surprising: on-chain analytics firm Santiment noted profit taking on the Shiba Inu network.
According to Santiment, SHIB saw traders withdraw coins from their wallets at a loss following a slight decline across the market.
Shiba Inu prints a large capitulation sign
feeling observed on October 6 that Shiba Inu traders were showing mild panic and that the network had one of the highest levels of trader losses versus gains of the entire year.
However, there is a positive side to the situation: they are often signs of a short-term recovery opportunity.
That said, Shiba Inu could be a candidate for a price rally after this big sign of capitulation. If Shiba Inu decides to move, a possible bullish target could be $0.00000758. A break above this important level, which coincides with the daily MA 50, could be the first indicator of bullish strength.
Shiba Inu may target the $0.00000861 level on the daily MA 200 next, and a break above this important level may signal the start of a new rally for the dog-themed cryptocurrency.
Support for the current Shiba Inu price range, on the other hand, sits at $0.00000696.
Shiba Inu Measurements Turn Green as Milestone Reached
Although the price remains in the red, some Shiba Inu sizes have returned to the green. For example, Shiba Inu’s daily burn rate shows a 333% increase after days of staying in the red.
shibburn reports that in the last 24 hours a total of 79,397,839 SHIB tokens were burned in 28 transactions. Additionally, 341,152,570 SHIB tokens were burned in 162 transactions over the last seven days. In monetary terms, this is equivalent to $2,490.
According to data from IntoTheBlock, Shiba Inu has also reached a new milestone in terms of total addresses, which now stands at 3.61 million.
