SHIB Price Influenced by Leverage as Burn Rate Declines

A significant amount of 410 trillion SHIB tokens have been removed from circulation. Despite this, the absence of burns in the past day has neutralized its short-term impact on price.

SHIB's price is influenced by leverage and liquidation pressure, rather than market sentiment.
Current trading is around $0.00816, with long traders at risk near $0.00777 and short sellers closer to $0.0086.

SHIB Price Analysis

Trading near a long-term support zone with a downward trend line.
Indicators like RSI and MACD suggest weak momentum for recovery.
If support fails, there's potential for a 20% drop aligning with the liquidation zone near $0.00777.
Recovery would require surpassing resistance zones and possibly re-testing $0.00005.

SHIB Chart

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