Shiba Inu Price Takes Hit Amid Declining Burn Rate and Risk-Averse Market Sentiment

Shiba Inu's price has taken a hit as the cryptocurrency market remains risk-averse, with broader market sentiment influenced by the delayed CLARITY Act vote. The declining burn rate of SHIB tokens is also causing concern, as it could weigh on the meme coin's supply pressure.

The 50-day Exponential Moving Average (EMA) has been broken, and if the price closes below $0.00000462, there's a risk of a 10% drawdown to $0.00000405. The Relative Strength Index (RSI) is currently at 49 on the daily chart, indicating waning buying pressure.

Despite this bearish outlook, some analysts suggest that a rebound from the 50-day EMA could target the 100-day EMA or even the 50% retracement level. However, this would require a decisive close above $0.0000046.