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$SHIB market check
Price is trading near its lowest zone since late 2023, roughly 85% below the 2024 peak. It’s been a tough hold, but a few signals are drawing attention.
Chart view:
SHIB is heavily oversold. RSI is near 30, a level that has previously triggered rebounds. Structure is tightening, suggesting selling pressure is slowing.
On-chain note:
Token burns jumped 10,700% in 24 hours, reducing circulating supply — a positive factor over time.
Context:
$BTC still controls overall direction, but SHIB is sitting on a major support area. A technical bounce is possible; a clean breakdown would shift the outlook.
Takeaway:
Interesting to monitor, not a market to chase.
#SHIB #BTC #CryptoAnalysis