Slow Shiba Inu Burning: Can SHIB Ptice Break $0.000020?
Price is testing important $0.000015 resistance.
Long-term trends suggest a $0.001 breakout by early 2025.
Short-term technical trends predict additional fall if $0.000015 barrier holds.
The Shiba Inu (SHIB) ecology faces two major changes. Market experts expect a strong burn rate drop and a SHIB price breakout.
The burn rate of SHIB has declined roughly 20% in 24 hours, indicating decreasing token scarcity. Technical analysis suggests SHIB may be poised for a significant price rebound despite this slump.
In the previous 24 hours, Shibburn reported 2.5 million SHIB tokens taken from circulation. This was 20% lower than yesterday. Today's spike followed 3.1 million tokens burnt the day before.
Lower activity on Shibarium, Shiba Inu's Layer 2 network, is linked to the downturn. Shibarium transaction volume, which fuels SHIB gas fees, has slowed. While transactions increased 187% to 5,430 per day, they are still far behind August's 28,680 record.
Each Shibarium transaction costs BONE token gas, which is burnt as SHIB. Burn rates are decreasing due to limited activity. In January 2024, an automatic burn system was implemented. However, Shibarium's transaction volume still drives the ecosystem's burn rate.
Siba Inu Price Analysis
SHIB burn rates are lower, but technical indications suggest a price breakthrough. Crypto expert Krao published a monthly TradingView chart showing a long-term declining trendline that has impacted SHIB from its October 2021 all-time high of $0.00008854.
SHIB has been consolidating between $0.000005 and $0.00003, with little volatility anticipating a significant jump, according to the chart.
A neutral RSI on the monthly chart supports this bullish situation, showing SHIB is neither overbought nor oversold.
SHIB is near the pivot point (P) at $0.00001337. Price may get positive momentum if it breaks R1 at $0.00001562. Failure to breach resistance might send SHIB to $0.00001154 and $0.00001028 support.
