The price of the Shiba Inu fell below the critical $0.00002 level this week, reflecting corrections in the broader cryptocurrency market. The meme witnessed increased volatility while Bitcoin hovered near $101,000. Despite a notable 600% spike in burn rate, SHIB struggled to gain traction. Investors remain cautious as sentiment weakens, doubting the symbol’s ability to reclaim key resistance levels.
SHIB burn rate jumps 600%; What lies ahead for the price of the Shiba Inu?
Shiba Inu burn rates rose by a staggering 612%, with over 3.2 million SHIB tokens permanently removed from circulation within 24 hours. This notable spike in token burns has attracted attention across the cryptocurrency community, highlighting the project’s commitment to reducing supply and enhancing the value of tokens over time.
Burning tokens is essential because it reduces circulating supply, leading to a potential price increase when combined with fixed or increasing demand. The Shiba Inu’s constant updates and developments continue to generate enthusiasm among investors, strengthening its position in the market. As these dynamics play out, the recent rise in burn rate indicates a promising trajectory for SHIB.
With ongoing burn efforts and ongoing community-led developments, many are speculating whether this could be the turning point for the Shiba Inu. The combination of low supply, active participation, and future upgrades positions SHIB as one of the cryptocurrencies to keep a close eye on this year.
Will SHIB price reach $0.00003 soon amid market corrections?
the Ship price It is trading at $0.00001998 USD, with a slight decline of 1%. In addition, the Shaybah Index declined over the past week by 10%, reflecting a downward trend. the Meme coin Struggle to maintain bullish momentum, with resistance at $0.00002000 acting as a crucial barrier.
The Relative Strength Index (RSI) stands at 39, indicating weak buying momentum. If the RSI falls below 30, this may indicate oversold conditions, which could lead to a short-term rebound.
Technical indicators on the 4-hour chart are showing a downward trend. The Moving Average Convergence Divergence (MACD) is showing a bearish crossover, with the MACD line below the signal line. This downward movement reflects a lack of upward momentum. The chart also indicates lower buying pressure, reinforcing the current downtrend.
SHIB is testing support at $0.00001950, with a more important support area at $0.00001500. A break below this level may lead to further losses. On the upside, resistance at $0.00002 remains the main hurdle.
A break above $0.000025 could shift momentum in favor of the bulls, potentially propelling the trend to the upside. Shiba Inu price forecast About $0.00003.
The price of the Shiba Inu remains under pressure despite a 600% rise in its burn rate. The key resistance at $0.00002 must be broken to achieve bullish momentum. Investors are waiting for technical signals of a possible recovery.
Frequently Asked Questions (FAQ)
Burning tokens reduces supply, which can increase value with stable or increasing demand.
A high burn rate may support price growth by reducing token supply.
SHIB is facing strong resistance at $0.00002000.
Quinjab Staff
CoinGape has an experienced team of original content writers and editors who work around the clock to cover news globally and present news as fact rather than opinions. CoinGape writers and reporters contributed to this article.
Disclaimer: The provided content may include the personal opinion of the author and is subject to the market situation. Conduct market research before investing in cryptocurrencies. The author or publication does not accept any responsibility for your personal financial loss.
✓ Share: