Shiba Inu (SHIB) has shown a significant 30% increase, rising from a support level of $0.00002366 to reach $0.0000308 in the latest update. Over a 24-hour period, the cryptocurrency experienced a 12% rise in value and a remarkable spike in trading volume, surging by 186% to $2.16 billion.

Following recent market fluctuations, Shiba Inu identified strong support at the $0.00002366 level, supported by the presence of the 200-day EMA. This stability not only brought a sense of reassurance but also offered attractive buying opportunities for interested investors amidst market challenges.

The recent resurgence of SHIB aligned with Bitcoin's price recovery as the leading cryptocurrency crossed the $70,000 mark on Monday. Notably, the SuperTrend indicator, which had been on a downward trend since March 5 when SHIB hit $0.00004563, hinted at a potential reversal coinciding with SHIB's price movement.

To maintain this positive momentum, investors are looking for sustained price closures above the $0.00003 mark, setting the stage for a potential return to SHIB's peak in March and a prospective push towards the milestone of $0.0001. The success of SHIB in this crucial period depends on its ability to retest the $0.00003 level and overcome resistance at $0.000035.

Additionally, within the last 24 hours, the burn rate of SHIB has increased by 27%, resulting in around 27 million SHIB tokens being sent to an unspendable wallet. This rise in the burn rate has the potential to influence the balance between supply and demand, potentially alleviating selling pressure and creating room for further price appreciation.