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Hopes of crypto market recovery continue to fade after bears successfully pushed Bitcoin (BTC) price below the $20,000 mark.  The total crypto market cap was at $864 billion after dropping 4% in the past 24 hours, according to data from CoinMarketCap. Ethereum was off 6.7% trading just above the $1,000 psychological level. UNUS SED LEO (LEO), 0x (ZRX) and Shiba Inu Coin (SHIB) led the top-cap cryptos gaining between 1$ and 4% over the same period. 

Top Gainers

Top Gainers June 30

The hypothesis that the cryptomarker may turn down from previous week’s highs continues to pass an important test. This also applies to Bitcoin with its protracted test of $12,000 and to altcoins, whose total capitalization is now near past lows, at the start of 2018.

Shiba Inu was also at risk of further losses despite displaying strength over the last few days. Even with the announcement of ShibsSwap’s Shib Inu burn portal rewards, the technical set up points at a deterioration in price growth. 

ShibaSwap DEX Announces Ryoshi Vision rewards

The creators of the Shiba Inu ecosystem and Ryoshi Vision collaborated to create the Shiba Inu burn portal in 2022. Ryoshi Vision is an ERC20 standard token which was created in honour of the Shiba Inu founder, “Ryoshi”. Although Ryoshi mysteriously disappeared from the internet a few weeks ago, his vision still remains and Ryoshi Vision has vowed to fulfill it. 

The Shiba Inu burn portal was built to reward SHIB holders with passive income after they burn their tokens. The rewards would be issued in the form of RYOHI tokens, with 0.49% of all transactions being given out to owners of burnt SHIB. Following the launch of the Shiba Inu burn portal, a SHIB “BURN Pool” was created to offer rewards for burning to the meme token.

According to the Shiba Inu burn tracker Trackshiba, more than 410.34 trillion SHIB tokens have been burnt out of the maximum supply of 1 quadrillion, leaving only 58.9% of the tokens in circulation. About 52,533,898 tokens have been burnt in the last 24 hours alone. The announcement of Ryoshi Vision rewards for burnt SHIB tokens showed a massive spike in the number of coins burnt. 

SHIB Burn Statistics

At the time of writing, the SHIB hovers around at $0.00000985, up 1.1% in the last 24 hours. Its market capitalisation stands at $5.44 billion.

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Shiba Inu Coin Price On The Verge Of A 22% Drop

A descending triangle chart resulting from lower highs and relatively equal lows hinted at further losses. The bears have been pushing bulls to the downside, forcing them to sell and triggering a drop to $0.0000070, lows last seen in October 2021. 

SHIB price then recovered to $0.000012 before retreating to find solace from the horizontal trending line of the descending triangle at $0.0000096. This level withstood two attacks in the recent past and was encountering another one at the time of writing. However, given the formation of the bearish triangle and continued dollar strength, the level may not hold for a rebound this time. The Relative Strength Index (RSI) is moving downward toward the oversold region and the price strength at 39 suggests that the bears have the wheel and the incentive to trigger another leg lower.

As such, if the bears manage to breach the $0.0000096 level, traders could expect to see a drop towards $o.0000080. After 18% losses already incurred, a further decline towards $0.00000767 would bring total losses to 22%. This is where the local bottle would probably be formed giving late investors a chance to buy Shiba Inu or accumulate more. 

SHIB/USD Four-Hour Chart

Shiba Inu Price Chart

TradingView Chart

On the upside, things could take a U-turn if macro economic themes fade more to the background and the Moving Average Convergence Divergence (MACD) indicator continues to rise towards the positive region, giving the SHIB price a spark to rally.

In such a case, $0.000010 could be reclaimed, with bulls quickly hitting $0.00001063, where the 50-day Simple Moving Average (SMA) currently sits, which would simply be paring back of Tuesday’s losses. Another leg higher would see a breach of the $0.00001208 level, confirming the start of an uptrend.

The importance of reclaiming the $0.000010 psychological level was affirmed by on-chain data from IntoTheBlock, a crypto data analyst firm. Its In/Out of the Money Around Price (IOMAP) model revealed that approximately 1.42 trillion SHIB were previously bought by roughly 12.64k addresses around this price.

Shiba Inu IOMAP Chart

Shiba Inu IOMAP Chart

Source: IntoTheBlock

Therefore, any efforts to push SHIB above this level will be rewarded by support from this cohort of investors who may be looking to increase their chances of making profits. 

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