SHIB May Slip More in November

Shiba Inu price prediction 2023 indicates the fall of SHIB crypto from the $0.00000760 support over the daily time frame chart. Shiba Inu coin price might decline further and if bulls accumulate, then it may rebound. However, chances for a rebound are comparatively low due to the Shib burn rate.

Shib burn rate fell by 95% in the last 24 hours. SHIB crypto needs more buyers in order to recover. Buyers are fairly active; SHIB is likely to sustain near the support zone.

Shiba Inu coin price was at $0.00000767 and lost 3.76% of its market capitalization intraday. Trading volume increased by 28% intraday highlighting bullishness. Volume to market cap ratio was at 3.07%.

Shiba Inu and SHIB Burn Rate

In August 2020, Shiba Inu (SHIB), a distinct and wildly popular cryptocurrency, was introduced as a test project to build a decentralized community and token ecosystem. SHIB, which was inspired by the controversial meme token Dogecoin, has become well-known for its quirky tokenomics, lively online community (SHIB Army), and fun branding.

SHIB’s burn rate distinguishes it from other cryptocurrencies. Because SHIB has a deflationary token architecture, less SHIB tokens are in use overall. This is accomplished by a process called “burning.” Burning is the process of shifting a predetermined quantity of tokens to an irretrievable wallet, hence taking them out of circulation.

In theory, this raises the value of the remaining tokens and decreases the total quantity of SHIB. This idea has been well received by the SHIB community, which has organized several burn events and lowered the token supply.

Investors looking for long-term value are typically drawn to it because it is perceived as a means of creating scarcity and combating inflation. It’s crucial to note that community support and passion are crucial for SHIB’s success and burn rate. The SHIB market is still quite speculative, just like any other cryptocurrency, therefore prospective investors should proceed with care and extensive research before making an investment.

Could Shiba Inu Go up Again?

Shiba Inu price prediction highlights the SHIB sell-off during the intraday trading session. Shiba Inu coin price fell near the support zone. If SHIB slips further, then there might be a penalty, at least by the first week of November. However, volume change is below average and needs to grow during the intraday trading session. Meanwhile, SHIB coin price is trading below 100 and 200-day daily moving averages and is heading for the 20 and 50-EMAs.

The 20 and 50-EMAs may provide support to Shiba Inu coin price resulting in SHIB crypto’s comeback. However, analysts predict a moderate time for Shiba in November. Investors are advised to wait for any directional change over the daily time frame chart.

Shiba Inu coin price gained around 2.53% in a week and 5.18% in a month. However, SHIB crypto slipped by 8.32% in the last three months and 23.74% in the last six months. Following the year to date slippage of 4.34%.

Technical indicators highlight the fall of Shiba Inu price. Relative strength index (RSI) confirms the slippage of SHIB crypto. RSI was at 55 and is heading towards neutrality to be oversold. Investors in Shiba Inu cryptocurrency need to wait for any directional change over the daily time frame chart.

Summary

Shiba Inu stands out in the crypto world due to its unique burn rate concept, which involves community-driven burn events to reduce token supply. Technical indicators suggest a potential decline from the $0.00000760 support level.

Technical Levels

Support Levels: $0.00000750 and $0.00000727

Resistance Levels: $0.00000810 and $0.00000830

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.