Similarly, Shiba Inu also has a similar burn mechanism. Each time a transaction occurs on the network, a percentage of the transaction fee is sent to the burn address.
The burn or null addresses can receive tokens but can’t send them. Shiba Inu has three of them. Tokens sent to these addresses are effectively “burnt” and can not re-enter circulation.The price impact was minimal. Over the weekend, the entire crypto market saw a ~5% pullback. The market structure on the 4-hour chart was bullish, but on the higher timeframes, it was keenly bearish.
The RSI showed that the momentum was neutral as it twisted about the neutral 50 level. Meanwhile, the OBV was moving southward, although the speed has decreased over the past four days.The liquidation heatmap of the past week showed that the $0.0000125 and $0.0000145-$0.000015 were the two levels to watch out for.It is unclear which of the short-term liquidity pockets will attract SHIB first, but a reversal could likely commence from there.
Given the lack of demand and being the denser liquidity pocket, the bearish target might be the first to be swept.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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Source: CryptoAmb - 🏆 22. / 68 Read more »