Can Shiba Inu (SHIB) Keep Up the Pace?

• Shiba Inu has spiked by 4.36%, over the past 24 hours.
• The burn rate of SHIB soared to 1,088%, 98,136 SHIB tokens were burnt.

The global crypto market cap is briefly up by 2.72%, reaching $2.16T over the last day. Along with, the meme coin market is moderately priced in green, and several meme coins have spiked from their recent lows. Among them, the dog-themed meme coin, Shiba Inu (SHIB), has seen a price recovery of 4.36% over the past 24 hours. 

Shiba Inu started the day trading at $0.00001392, and at press time, trading at $0.00001426. Meanwhile, the meme coin’s daily trading volume has increased by over 17%, standing at $204 million, and the market cap stays at $8.45 billion, according to CMC data.

On the other hand, a significant increase of 1,088% was observed in the SHIB’s burn rate, a total of 98,136 SHIB tokens were burned, in the 24 hours. To date, the Shiba Inu ecosystem has burned a total of 410,727,974,958,933 SHIB, leaving over 583.42 trillion SHIB left in circulation.

Will SHIB Continue the Rally?

Zooming in at the past month, SHIB has declined considerably by 19.75%. The asset fell from a high of $0.00001746 to a low of $0.00001108 and faced several resistances and support. Over the last seven days, the meme coin was up by over 5%. As days passed, the SHIB price dropped to a low of $0.00001298. 

Shiba Inu’s 24-hour price action suggests that if the meme coin is likely to maintain the bullish momentum, the initial resistance will be tested at $0.00001509. In contrast, if SHIB fails to hold above the initial resistance, the price might drop to $0.00001343.

Besides, the asset is approaching the neutral zone as the daily relative strength index (RSI) stands at 48.78. The short-term 9-day MA and the long-term 21-day MA are at $0.00001356 and $0.00001369, below the current price momentum.

Disclaimer: The opinion expressed here is solely the author’s. It does not represent investment advice. TheNewsCrypto team encourages everyone to do their own research before investing.

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