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Shiba Inu (SHIB) Drops to $0.0000103 Amid Crypto Sell-Off and Geopolitical Risks
- Shiba Inu (SHIB) falls to around $0.0000103, decreasing by 6.36% in 24 hours and 13.6% weekly, with a market cap close to $6.07 billion.
- Token burns surged in 24 hours but dropped by 94.6% over the week, indicating varied supply reduction.
- SHIB trades below essential moving averages and support levels, potentially facing further decline without breaking resistance at $0.0000116.
- Geopolitical tensions contribute to broader crypto sell-offs, adding pressure on SHIB's performance.
- The market downturn affects major cryptocurrencies like Bitcoin and Ethereum due to escalating geopolitical tensions.
- Recent token burns show mixed activity, with over 27.8 million SHIB tokens burnt in the past 24 hours.
- While burns decreased by 94.6% in the last seven days, the total supply exceeds 589 trillion tokens.
- SHIB remains below crucial moving averages, implying continued bearish momentum in the market.
- Failure to hold support levels at around $0.0000112 and $0.0000116 increases the risk of further price drops for SHIB.
- Traders monitor the psychological support at $0.0000100, anticipating potential selling pressure if breached.
- To reverse the downtrend, SHIB needs to surpass resistance levels near $0.0000116 and $0.0000121, along with critical moving averages.
- Investors are advised caution due to SHIB's vulnerability to volatility and losses, requiring ongoing market analysis.
- Cautious trading is recommended for navigating the uncertainties surrounding SHIB's performance.
- SHIB faces challenges in reclaiming key technical levels and reversing its current market trajectory.
- Market participants are encouraged to monitor developments and indicators closely to make informed decisions.
- SHIB's performance remains uncertain amidst ongoing market fluctuations and external pressures.
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