SHIBA INU is garnering renewed attention as several bullish signals emerge. The token's price has increased over 4%, and technical indicators suggest a potential breakout.
SHIB Approaches 200-Day EMA
SHIBA INU is approaching its 200-day exponential moving average (EMA), which has historically marked the start of major rallies. In early 2023, the token surged by 420% after a similar crossover. Current charts indicate SHIB is nearing this level once again, and a breakout could trigger renewed bullish momentum.
Price Growth and Resistance Levels
Currently, SHIB has gained 4.09% in the last 24 hours and is priced at $0.00001528. Analysts have identified three resistance zones that may test this momentum, with the first around $0.00001770, followed by $0.00002485 and $0.00003332.
Spike in Token Burn Rate
Data from Shibburn shows that the burn rate of SHIB has spiked by 1,581.39% over 24 hours, resulting in over 100 million SHIB tokens permanently removed from circulation. This surge in burning activity has intensified speculation about a supply-driven rally.
The current situation presents a combination of signals that could further drive SHIB's growth. The sharp increase in token burning, alongside key level attainments, may create conditions for future price rallies.
