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Billions of this digital currency were accidentally burned!

The Shiba Inu (SHIB) community saw approximately 1.69 billion SHIB tokens burned throughout the month of April, spread across 204 separate transactions.

This significant decrease in available Shiba Inu SHIB tokens is not the result of strategic market maneuvers but rather accidental transfers, which can seriously affect the price of Shiba Inu.

Market Reacts to 1.69 Billion Shiba Inu SHIB Fire

According to ShibBurn, the increase in token burns was mainly due to users accidentally sending SHIB to the contract address.

“It's not because of any big news or anything, as many have reported... it's just people making mistakes, sending their tokens to the CA and losing their investment. Be careful and check where you send your tokens so this doesn't happen to you,"books ShibBurn.

Despite these pitfalls, technical analysis indicates... Potential Bullish Signals for Shiba Inu. The formation of a bull flag on the daily chart of SHIB indicates a potential upward trajectory.

Market observers expect a bullish breakout past the resistances at $0.000023 and $0.000025, which could push Shiba Inu from the current support levels at $0.000071.

Shiba Inu Price Analysis
Shiba Inu Price Analysis. Source: Commercial view

However, the recent declines cloud the overall picture for Saudi Hollandi Investment Bank. The meme token saw a steep decline of 60% from its yearly high. It fell below the 50-day EMA and only found support at the 100-day EMA.

The Relative Strength Index (RSI) and other indicators reinforce the bearish outlook. Which suggests his path to recovery could be rocky.

Read more: Shiba Inu (SHIB) Price Forecast for 2024, 2025, 2026, 2027

Shiba Inu Price Analysis
Shiba Inu Price Analysis. Source: Commercial view

As the market navigates these turbulent waters, the next crucial support to watch is $0.000018. A break below this point could lead to further declines, potentially falling to $0.000010, marking a sharp decline for the token.

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