LIVE๐ป๐Shiba Inu Price Prediction: SHIB Burn Rate Goes Center Stage As Traders Rush To Buy Dogecoin20 Before Itโs Too Late๐ฅ๐
The Shiba Inu price rose by a fraction of a percentage in the last 24 hours to trade at $0.00002716 as of 11:37 p.m. EST on trading volume that dropped 22% to $522 million.
This comes as reports show that over 15 billion SHIB tokens were burned in March alone, which led to a 2,330% surge in the burn rate. The extensive burning of tokens to reduce supply continues to propel SHIB, which has soared 182% in the past three months.
The Shiba Inu price has remained at a consolidation level since December of last year, trading within the $0.000010 range. However, in March, it appears that the SHIB bulls may have gained the upper hand in the struggle for dominance, propelling the price up to $0.00004581.
Despite bullish momentum, the bulls couldnโt sustain their upward stance. The bears took control of the price, pushing it down to around the $0.000023 support level. These price fluctuations within this range led SHIB to trade within the boundaries of a symmetrical triangle, with the aim of breaking out above.
SHIB is now sitting below $0.000028, which was an important support level for the coin. However, bears have been able to turn this price point into resistance, which makes it the level to beat for the meme coin in the future.
SHIB trades below both the 50-day and 200-day Simple Moving Averages (SMAs), supporting the bearish action below the $0.000030 level.
Additionally, the Relative Strength Index (RSI) is rebounding towards the 50-midline level at 47, which indicates that traders are buying. If the bulls sustain the momentum, SHIBโs RSI could cross over to the 70-overbought region, signaling intense buying pressure.