Shiba Inu $SHIB Burn Rate Soars by 1500%, Bullish Rebound Speculation Heats Up!
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The burn rate of Shiba Inu (SHIB) has surged by 1500%, significantly reducing its circulating supply and reigniting investor enthusiasm. This change aligns with the trend line breakout and retest on the weekly chart, further intensifying market expectations for a bullish breakout.
It has risen by 2.02% in the past 24 hours. The current burn rate increase brings positive momentum to the price, but key resistance levels remain crucial for future trends.
Historical Burn Rate Trends and Price Impact
Historical data shows that surges in burn rates are usually accompanied by SHIB price fluctuations. For instance, last week, the SHIB price once rose by 7418%, only to drop by 3% later due to profit-taking. This indicates that while a surge in the burn rate can stimulate bullish sentiment in the short term, it may also lead to price volatility.
The current burn rate is driving positive momentum, but support from the market and investors is essential to maintain this upward thrust. Therefore, referencing historical trends is vital for predicting SHIB's next moves.
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Price Action Analysis: SHIB's Breakout Timing
SHIB has confirmed a trend line breakout and retest, indicating its potential for upward movement. The Bollinger Bands on the weekly chart show that the price is facing compression, suggesting an imminent breakout, while the stochastic RSI indicates there is still room for upward movement.
The key resistance level is at $0.00003338, and breaking through this level could accelerate the rise. If it fails to break through, it may lead to consolidation or a pullback.
Conclusion: Can SHIB Rebound?
The surge in Shiba Inu's burn rate, increased network activity, and trend breakout lay the foundation for a potential rebound. Breaking through the key resistance level of $0.00003338 is crucial to maintaining upward momentum. If SHIB can sustain the current momentum, bolstered by market enthusiasm, it may experience a significant rebound.
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