Shiba Inu has faced sharp price drops, shedding 10% today and 22% over the week, as some early whales cash out their holdings. But donāt let the selloff fool youā$SHIB may be gearing up for a massive comeback! Hereās why savvy investors are keeping a close eye on this meme coin š:
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Whale Selloffs: Panic or Opportunity?
š Massive Selloffs: One whale sold 250 billion tokens worth $6.05M, triggering a wave of selling. Yet, this whale still holds 2 trillion tokens, with an estimated profit of $108M, signaling long-term confidence.
š” On-Chain Insights: Whale activity has caused panic selling, leading to $5M liquidated SHIB long positions in the past 24 hours. While the market wavers, whales' holdings suggest they still see upside potential.
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Community Resilience & Burn Rate Concerns
š„ Burn Rate Drop: The burn rate has declined by 70%, sparking concern in the community. However, optimism remains high with upcoming launches of SHIFU and TREAT tokens.
šŖ Community Strength: Despite market turbulence, the SHIB army continues to rally behind its long-term vision, seeing dips as opportunities.
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Technical Signals Point to Rebound š
š Key Support Holding Strong: SHIB is holding firm above $0.0000234, rebounding from its 0.5 Fibonacci retracement level.
š Resistance Target: Analysts identify $0.000037 as the next breakout level, with potential highs of $0.0000998 during the next bull run.
š¹ Buying Interest: Increased activity on Crypto.com and CoinEx suggests that investors are taking advantage of SHIB's discounted price.
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Why SHIB Could See a Parabolic Rally
š® Santa Claus Rally Potential: With improving on-chain data and support levels intact, may be gearing up for a major run into 2024.
š Key Date to Watch: Volatility could spike around mid-January, presenting opportunities for strategic buys and trades.
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Investor Action Plan š§©
1ļøā£ Buy the Dip: at $0.000024 offers a compelling entry point for long-term investors.
2ļøā£ Monitor Support Levels: Keep an eye on $0.0000234 for stability and potential upside moves.
3ļøā£ Anticipate Breakouts: Resistance at $0.000037 could pave the way for explosive gains.
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š” Final Takeaway: While short-term risks exist, $SHIBās current price levels and growing investor interest make it a top contender for a bullish 2024.
š Add to your Binance watchlist today and be ready for the next big move! š
#ShibaInu #SHIBArmy #CryptoRebound #BinanceInsights #AltcoinSeason
