2.98 billion SHIB tokens destroyed in a week. 0.00000500 still wasn’t held. My trigger level is 0.00000506.
――― Direction: Bullish sentiment can boost discussion, but it’s only worth executing if trading volume expands and price breaks above the previous high.
About 6 hours after this burn data was released: in the past 7 days, a total of 2.98 billion tokens were destroyed—this is the largest scale in a year. In the same time window, reports say derivatives trading volume rose to $141.7 million. The story is hot, but the order book hasn’t provided confirmation.
$SHIB is up 7.76% over the last 24 hours. The most recent fully formed 1-hour candlestick closed at 0.00000496, with RSI around 65. More importantly, the volume of this already-closed candle is only 62% of the average volume over the past ~20 hours. Price is hugging 0.00000500, but incremental capital is shrinking. I won’t directly equate “a lot has been burned” with “it will keep rising right away.”
My plan: keep a trigger order at 0.00000506, and set a watch reminder at 0.00000488. Only if a full 1-hour candle closes on increased volume above 0.00000506 will I consider entering with a small position; after entry, place a stop-loss at 0.00000480. If price first breaks down below 0.00000488, cancel the trigger order and wait for the long liquidation cluster between 0.00000460 and 0.00000470 to be absorbed, then reassess.
Burns are a slow variable; 0.00000506 is the decision line for this round.
――― Direction: Bullish sentiment can boost discussion, but it’s only worth executing if trading volume expands and price breaks above the previous high.
About 6 hours after this burn data was released: in the past 7 days, a total of 2.98 billion tokens were destroyed—this is the largest scale in a year. In the same time window, reports say derivatives trading volume rose to $141.7 million. The story is hot, but the order book hasn’t provided confirmation.
$SHIB is up 7.76% over the last 24 hours. The most recent fully formed 1-hour candlestick closed at 0.00000496, with RSI around 65. More importantly, the volume of this already-closed candle is only 62% of the average volume over the past ~20 hours. Price is hugging 0.00000500, but incremental capital is shrinking. I won’t directly equate “a lot has been burned” with “it will keep rising right away.”
My plan: keep a trigger order at 0.00000506, and set a watch reminder at 0.00000488. Only if a full 1-hour candle closes on increased volume above 0.00000506 will I consider entering with a small position; after entry, place a stop-loss at 0.00000480. If price first breaks down below 0.00000488, cancel the trigger order and wait for the long liquidation cluster between 0.00000460 and 0.00000470 to be absorbed, then reassess.
Burns are a slow variable; 0.00000506 is the decision line for this round.