The current analysis of the Shiba Inu cryptocurrency market reveals interesting trends including consolidation, burn rate increases, and whale activity.
Shiba Inu Consolidates at Key Support Level
Shiba Inu is currently consolidating in the range between $0.00001150 and $0.00001250, which serves as a strong support level for traders and long-term holders. At present, the price stands around $0.00001191. Technical indicators suggest a neutral to slightly bullish outlook, with RSI at 51.96, indicating no signs of overbought or oversold conditions. The narrowing of Bollinger Bands could also signal an upcoming breakout.
Burn Rate Increases
Data from Shibburn indicates that over 135 million SHIB tokens were burned in the past week, leading to a surge in the burn rate of over 100%. This contributes to a reduction in circulating supply of tokens, potentially increasing scarcity. The total supply currently sits around 584 trillion tokens.
Technical Analysis and Price Forecasts
Analyst CryptoElites noted that SHIB is forming a symmetrical triangle pattern. A confirmed breakout above $0.00001250 could trigger a rally towards $0.00001562, the neckline of a small double-bottom pattern. If momentum continues, the next major target is $0.000023. Finder's recent expert survey reflects mixed sentiment, but several analysts predict the price could reach $0.00006 by 2025 depending on market strength and token utility expansion.
The situation surrounding Shiba Inu continues to attract interest from traders and analysts. Key support levels, high burn rates, and whale activity may lead to significant market movement.
