Shiba Inu Trades Near $0.00000541 as Moving Averages Form Death Cross
Shiba Inu (COINBASE:SHIBUSD) traded near $0.00000541, slipping 0.37% on the day after encountering price resistance between $0.00000550 and $0.00000560. The token recorded a 3-hour death cross as its 50-day moving average fell below its 200-day moving average, briefly breaching key moving averages during an intraday dip. Meanwhile, holders burned 1.45 billion tokens over a 24-hour period to trim the circulating supply.
The technical slowdown comes alongside shifts in exchange activity. Exchange netflow for the cryptocurrency dropped to approximately 65 billion tokens on Oct. 10. Although this indicates smaller total outflows compared to preceding months, overall exchange transfers continued to favor net selling.
Market participants are monitoring key price levels for signs of the next trend direction. Support remains established between $0.00000470 and $0.00000450. On the upside, a daily close above $0.00000560 accompanied by strong trading volume would set potential targets at $0.00000580 and $0.00000600.
Key points
- Shiba Inu traded near $0.00000541, down 0.37% for the day after hitting resistance between $0.00000550 and $0.00000560.
- A 3-hour death cross formed as the 50-day moving average fell below the 200-day moving average during an intraday dip.
- Exchange netflow declined to roughly 65 billion SHIB on Oct. 10, with overall flows continuing to show net selling.
- On-chain trackers recorded 1.45 billion Shiba Inu tokens burned in a 24-hour window.
- Key support sits between $0.00000470 and $0.00000450, while a daily close above $0.00000560 on high volume targets $0.00000580 and $0.00000600.
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How we writeDisclaimerQuestions and answers
What is the current trading price and daily performance of Shiba Inu?
Shiba Inu traded near $0.00000541, registering a 0.37% loss on the day after meeting resistance between $0.00000550 and $0.00000560.
What technical indicators and support levels are affecting SHIB?
SHIB formed a 3-hour death cross as its 50-day moving average crossed below the 200-day moving average. Support is positioned between $0.00000470 and $0.00000450.
How many Shiba Inu tokens were burned recently?
A total of 1.45 billion Shiba Inu tokens were burned over a 24-hour period, according to on-chain tracking data.