Shiba Inu’s price has risen to $0.00001635, up 10.7% in the last 24 hours and 16% over the past week.
SHIB’s burn rate has surged by over 640%, with 5,555,360 SHIB tokens burned in the last 24 hours.
Today, while major cryptocurrencies like Bitcoin and Ethereum display a downturn, Shiba Inu (SHIB) is making headlines with its price movements and a substantial rise in its burn rate. After a two-month period of consolidation, SHIB has regained momentum, currently trading at $0.00001635. This reflects a 10.7% increase in the last 24 hours and a 18.25% rise over the past week.
Shiba Inu (SHIB) Price (Source: CoinMarketCap)
This recent surge suggests that SHIB may be on the brink of a profit increase. If this trend continues, memecoin may see a significant uptick in its profitability in the days ahead.
Additionally, Shiba Inu’s burn rate has climbed by over 640%. According to data from the Shibburn portal, the community has burned a total of 5,555,360 SHIB tokens in the last 24 hours. This increased burn activity signals optimism in the community, enhancing the supply-demand dynamic.
What Do Key Technical Indicators Suggest for SHIB’s Future?
From a technical perspective, SHIB has shown signs of a shift in momentum. The memecoin’s 9-day MA has exceeded its 21-day MA. Currently, SHIB is trading above both of these indicators, marking its first significant upward movement since mid-year. This breakout is encouraging, especially considering the resistance it faced from the 50 EMA previously.
Shiba Inu (SHIB) Price Chart (Source: TradingView )
The Moving Average Convergence Divergence (MACD) is also in a bullish position, staying above the signal line, which adds to the positive outlook. Furthermore, the Chaikin Money Flow (CMF) is at 0.17, suggesting healthy buying pressure in the market.
As SHIB breaks out of its consolidation phase, it faces a strong resistance level at $0.0000155, with a crucial; support level at $0.00001495. A successful move beyond the resistance at $0.00001699 could propel SHIB towards $0.00001932 and $0.0000254; further gains are possible if the upward momentum continues.
However, despite the current bullish sentiment, SHIB’s momentum could wane without a significant influx of market activity. Trading volume is essential for sustaining price movements; if it doesn’t rise, SHIB may see a reversal. On the downside, if SHIB fails to hold above the 50 EMA, it could revert to its previous bearish trend, with bottom support levels around $0.00001395, where buying interest has previously emerged during sell-offs.
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