Recently, Shiba Inu's (SHIB) token burn increased by 6500% in 24 hours, attracting investor attention. At the same time, SHIB's price faces pressure amid a wider market downturn.
Increase in Token Burn
The token burn for SHIB over the past 24 hours reached 28.2 million, marking a significant rebound after an 80% drop over the week. Such a sharp increase in burns generally draws public interest and can create conditions for short-term price growth.
SHIB Price Encounters Resistance
At the time of writing, SHIB's price was trading at $0.00001523, down 3.36% from the day's high of $0.00001577. The attempt to break above the descending trend line proved unsuccessful as SHIB failed to hold above the $0.00001550 level.
Analysts' Predictions
Crypto analyst Javon Marks believes SHIB could see a potential rally of up to 105% from current levels if support above $0.00001500 is confirmed. Marks noted that the current strong momentum might just be the beginning of future rallies. However, failing to maintain this support level could lead to further declines.
In light of the increased token burning of Shiba Inu and attempts to raise its price, conflicting signals emerge in the market. Investors remain cautious ahead of major macroeconomic events, which may influence SHIB's short-term outlook.
