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Shiba Inu Price Prediction: $1 SHIB in the Near Future After SHIB Surges 2% in 24 Hours?
There is a lot of talk about Shiba Inu's potential for growth, despite the fact that its trading price of $0.000023 exhibits very little changes. After a little 1.7% increase in the last day, speculation over Shiba Inu's future value has heated up, with many talking about the token's potential to hit $1.
The cryptocurrency community is still quite interested in SHIB, which is backed by its large market value and heavy trading activity.
Token Burns for Shiba Inus Jump 338% as Millions of SHIB Disappear
One week ago, the token burn rate for Shiba Inu (SHIB) increased by an astounding 338%, permanently removing 200,591,910 SHIB tokens from circulation.
A dramatic increase in burning activity suggests that the cryptocurrency is attempting to reduce its supply in the hopes of increasing its value. As part of their continuous attempts to improve Shiba Inu's market dynamics, Shibburn has reported the recent substantial increase in burns in their most recent update.
At $0.000024, Shiba Inu provide a pivot point; at $0.000025, there is instant opposition; and at $0.000026 and $0.000028, there are following difficulties.
As an alternative, you may find support levels at $0.000022, $0.000021, and $0.000018. If these are broken, the price may fall much lower, with the $0.000018 level as a possible target in a more severe bearish scenario.
Technically, the Relative Strength Index (RSI) is at 41, which is somewhat negative but not completely oversold; this means that market inputs might cause either direction to occur.
At $0.000023, the 50-day Exponential Moving Average (EMA) is a bearish indication, and the current price is hovering below it.
The negative view might be confirmed if the Shiba Inu price remains below its pivot point of $0.000024. If prices rise over this pivot, however, it may signal a change to positive circumstances.
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