The Shiba Inu burn rate has drastically increased by 1323% over the last 24 hours, burning over 34 million tokens. This development is a positive signal for SHIB holders, as reducing supply can potentially increase the token's value.
Current SHIB Market Status
As of now, SHIB's price sits at $0.00001947, representing a 2.36% rise in the past 24 hours. The market capitalization has reached $11.47 billion, indicating strong market confidence. SHIB's 24-hour trading volume has jumped to $634.89 million, a substantial 21.91% surge, reflecting heightened investor interest.
Technical Analysis of SHIB Pricing
In the daily chart, SHIB's 9-day moving average currently trends above the 21-day moving average, potentially indicating further price gains. The current 9-day and 21-day MAs are at $0.00001815 and $0.00001805, respectively, both below the present price level, supporting the bullish sentiment. The RSI value at 61.19 indicates moderately strong buying pressure, with RSI above 50 typically showing bullish momentum.
Future Prospects for SHIB
SHIB faces immediate resistance at $0.00001950, with the next resistance level positioned around $0.00002000. Breaking above these key resistance points could signal a further rally. On the downside, immediate support is found at $0.00001800. A dip below this support level could challenge the current bullish momentum. The massive increase in burn rate and rising market participation point to a strengthening SHIB price.
The sharp increase in SHIB's burn rate and growing market engagement indicate a strengthening of the token's price, though breaking through key resistance levels will be crucial for a strong breakout. Interest in SHIB continues to rise, fostering optimistic expectations for its future development.
