Shiba Inu (SHIB) continues to trade within an ascending channel, a bullish technical pattern suggesting sustained upward momentum.
Key Support and Resistance Levels
- Strong Support: $0.00002181 - $0.00002238, aligning with the 0.618 Fibonacci retracement level.
- Immediate Targets:
- T1: $0.00002715
- T2: $0.00003083
- T3: $0.00003511
Market Sentiment and Accumulation
- Spot Inflows: Indicate short-term profit-taking near resistance levels.
- Outflows: Suggest consistent accumulation by long-term holders.
- Funding Rates: Remain neutral to slightly positive, reflecting cautious optimism among traders.
- Fear and Greed Index: Shows moderate levels of greed, indicating confidence but cautioning against overbought conditions.
Shibarium Network Activity
- Steady Network Activity: Over 791 million transactions and 2.095 million addresses recorded.
- Limited New Contracts: Only one new contract verified, suggesting stable but limited development activity.
- Declining Burn Rate: A 55% decline in the daily burn rate raises concerns about the project's deflationary goals.
Conclusion
SHIB's price action within the ascending channel, coupled with strong support at the 0.618 Fibonacci retracement level, suggests potential for further bullish momentum. However, traders should closely monitor market sentiment, funding rates, and on-chain activity for any signs of weakening bullish pressure.
January 2025, Cryptoniteuae