Shiba Inu (SHIB) Hits New Milestone as Reversal Signals Emerge
Canine-themed cryptocurrency Shiba Inu (SHIB) may not be having the best of times right now in terms of pricing. A look at CoinGecko data shows SHIB in the red across 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 observed profit taking on the Shiba Inu network.
According to Santiment, SHIB saw traders move coins out of their portfolios at losses following a mild market-wide drop.
Shiba Inu prints big capitulation signal
Santiment observed on Oct. 6 that Shiba Inu traders were showing mild panic, and the network had one of the highest levels of trader loss-taking versus profit all year.
However, there is a silver lining to the situation: these are often signals of a short-term rebound opportunity.
Having said that, Shiba Inu might be a candidate for a price rebound after this big capitulation signal. If Shiba Inu decides to move, a potential upside goal might 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 at the daily MA 200 next, and a break above this important level may signal the beginning of a new upswing for the dog-themed cryptocurrency.
Support for the current Shiba Inu price range, on the other hand, is located at $0.00000696.
Shiba Inu measures turn green as milestone is hit
Although the price remains in the red, some Shiba Inu measures have reverted to the green. For instance, the Shiba Inu daily burn rate is depicting a 333% rise 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. Furthermore, 341,152,570 SHIB tokens were burned in 162 transactions over the last seven days. In monetary terms, this equates to $2,490.
According to IntoTheBlock data, Shiba Inu has also reached a new milestone in terms of total addresses, which now stands at 3.61 million.