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February 6, 2025

Shiba Inu Price Analysis: Potential for Bullish Continuation

Introduction

Shiba Inu (SHIB) has been making headlines with its recent price movements within an ascending channel. The cryptocurrency has gained attention for its strong support at $0.00002181-$0.00002238, which aligns with the 0.618 Fibonacci retracement level. This level serves as a key support zone, signaling a possible continuation of the uptrend. In this article, we will analyze the current price dynamics of SHIB, market trends, and regulatory implications.

Key Developments

Fibonacci Retracement Level

The 0.618 Fibonacci retracement level has served as a key support zone for SHIB, indicating potential for further bullish momentum. The cryptocurrency’s bounce from this level, supported by trading volume, sets immediate targets at $0.00002715 (T1), $0.00003083 (T2), and $0.00003511 (T3).

Ascending Channel

SHIB’s price remains constrained within the ascending channel, signifying sustained bullish sentiment as long as the price respects the lower trendline. A breakdown below the trendline could invalidate the bullish outlook, potentially dragging SHIB back toward $0.00002181.

Market Sentiment and Accumulation

Recent data shows a nuanced inflow and outflow pattern for SHIB. While spot inflows highlight short-term profit-taking near resistance levels, consistent outflows underscore continued accumulation by long-term holders. This interplay has kept SHIB’s price stable despite external pressures.

Market Trends

* SHIB’s price is constrained within an ascending channel, indicating sustained bullish sentiment.
* The 0.618 Fibonacci retracement level serves as a key support zone, signaling potential for further bullish momentum.
* Recent data shows a nuanced inflow and outflow pattern for SHIB, with consistent outflows underscoring continued accumulation by long-term holders.
* Funding Rates for SHIB have remained neutral to slightly positive, reflecting a balanced outlook among traders.
* Market sentiment indicators, including the Fear and Greed Index, show moderate levels of greed.

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Regulatory Implications

* The Shiba Inu ecosystem saw a significant drop in its burn rate, with only 9.38 million SHIB tokens burned on January 14, 2025.
* This marked a 55% decline in the daily burn rate, raising concerns about the project’s deflationary goals.
* Shibarium’s blockchain statistics highlighted steady network activity, with over 791 million completed transactions and 2.095 million addresses recorded.
* However, no new contracts were deployed, and only one was verified that day, indicating stability.

Conclusion

In conclusion, SHIB’s recent price movements within an ascending channel indicate potential for further bullish momentum. The cryptocurrency’s strong support at $0.00002181-$0.00002238, which aligns with the 0.618 Fibonacci retracement level, serves as a key support zone. However, the significant drop in the burn rate raises concerns about the project’s deflationary goals. Traders should remain vigilant to sudden changes in market sentiment and accumulation metrics, as they provide key insights into price direction.

Source: Ambcrypto.com

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