, the third-largest cryptocurrency by market capitalization, has fallen below a crucial support level, indicated by a 50-day moving average. The 50-day moving average had been serving as a guideline for Cardano's price movement, but the asset has now dipped below the level once again.
Cardano previously dipped below the 50-day moving average in February, but the breakdown confirmation came after the recent market panic. The 5% plunge caused by the Silvergate panic has accelerated the breakdown and caused Cardano's price to drop below the crucial support level. This could indicate a continuation of the downtrend for Cardano in the near future.
The burn rate is a key metric for Shiba Inu, as it measures the amount of tokens that have been removed from circulation. A higher burn rate indicates that more tokens are being removed, which can potentially increase the value of the remaining tokens in circulation. However, the recent spike in the burn rate of Shiba Inu might not be a positive development, as the volatility spike has been aiming downward.
The token's burn rate is not the only metric that investors should be paying attention to; other factors, such as market sentiment and liquidity, could also play a role in the token's future performance. Unfortunately, the asset has been seeing a higher pressure.
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