SHIB showed a surge of 16.41%, over the past week.
The burn rate of SHIB has increased by 297.29% in the last 24 hours.
The start of this week was slightly bullish as the tokens have recovered from their recent lows. The meme coin market is priced green, and several meme coins are soaring. Among them, the dog-themed meme coin, Shiba Inu (SHIB) has seen a price recovery of 3.03% over the past 24 hours.
Since last week, SHIB’s token burn had also displayed a slower pace. According to the latest Shibburn data, in the past 24 hours, the burn rate has increased by 297.29%. A total of 899,940 SHIB tokens burned across four transactions. This level is behind the peak it attained on July 11, as per the data.
Will SHIB Rest at the Nearby Resistance?
The monthly price chart of SHIB reveals that it has passed through various resistances such as $0.000021 to $0.000026. And the memecoin noted support levels at $0.000016 and $0.000014. The asset was down by 3.99%, hitting a monthly low of $0.000013.
In the past week, the asset showed a surge of 16.41%, from $0.00001582 to $0.00002002. At the time of writing, the asset traded at $0.00001938, with a market cap of $11.43 billion. Meanwhile, the daily trading volume has dropped by 24.89%, to $500 million, as per CMC data.
The short-term 21-day moving average (21MA) stays at $0.00001697, and the 9-day moving average (9MA) is at $0.00001758. Both values are below the current price, which suggests SHIB’s presence within a bullish zone. Meanwhile, the daily relative strength index (RSI) currently stands at 58.59, indicating that SHIB is in the neutral zone.
SHIB Price Chart (Source: TradingView)
According to the Shiba Inu price action, if it surpasses the initial resistance at $0.00002287, it is expected to climb to a high of $0.00002695. Conversely, if SHIB fails to hold above $0.00001938, it could decline to $0.00001615. The potential dip in the asset might be found at $0.00001207.
Meanwhile, the Shiba Inu marketing lead, Lucie, mentioned on X a few days ago about the SHIB ETF, and the reason why it could be beneficial for the ecosystem.
Highlighted Crypto News
Can Ethereum Maintain Momentum with Rising Open Interest?
