However, after the surge, SHIB price seems indecisive in its next moves. Although the last 24 hours saw an initial surge, the momentum has gradually faded, resulting in a loss of 0.37%.
A similar story seems to be playing out for SHIB, with broader moves also taking place. Despite the election acting as a catalyst, SHIB has only slightly erased its position from last Thursday, currently up 1.29%.
While the initial surge in attention has faded, with trading volume down 31.89% to $770 million today, optimism remains. The recent attention on SHIB could reinforce pressure towards an imminent breakout.
Shib Coin Burn Rate Spikes 3,679% – Will SHIB Price Follow?
While the 3,679% 24-hour increase in SHIB's burn rate is certainly impressive, it's still short of SHIB's historical peak, which is surprising given the upside of Trump's presidency.
While often seen as a bullish harbinger for Shiba Inu, this performance suggests that SHIB may be overshadowed by the current memecoin landscape. However, technical indicators tell a different story: SHIB is not ready to break out just yet.
Most notably, Shiba Inu continued to progress through the current ascending triangle pattern as expected, approaching a golden cross. Although the breakout attempt was met with rejection at $0.00001910, it now finds itself in a consolidated position.
This is supported by the daily MACD, which confirmed a breakout above the signal line today after a period of hesitation, a move that usually precedes a sharp move in SHIB price if sustained.
Meanwhile, the Relative Strength Index (RSI) is at a healthy 58 after being in bearish territory for some time. Stability seems to have returned amid increased buying pressure.
On a breakout, SHIB price could rise to face previous resistance at $0.00002170. However, the groundwork has been laid for a much more significant breakout following a multi-month long bearish wedge breakout.
