Shiba Inu Burn Rate Soars Over 1300% as SHIB Shows Price Recovery

• SHIB burn rate jumps by 1323%, burning over 34 million tokens in the last 24 hours.
• 24-hour trading volume surged by 21.91%, reaching $634.89 million.

The Shiba Inu burn rate has recently surged by 1323.66%, with 34,912,694 SHIB tokens burned within the last 24 hours. This burn rate spike is a positive indicator for SHIB holders, as reducing supply can lead to increased scarcity, potentially boosting the token’s value. Amid this development, SHIB has shown signs of a price recovery, trading at $0.00001947 and witnessing a 2.36% gain in the last day. 

As of today, SHIB’s price sits at $0.00001947, representing a 2.36% rise in the past 24 hours. The market capitalization has reached $11.47 billion, marking a 2.28% increase, indicating strong market confidence. SHIB’s 24-hour trading volume has jumped to $634.89 million, a substantial 21.91% surge, reflecting heightened investor interest. The market-cap ratio stands at 5.54%, suggesting that the recent price movements are backed by significant trading activity.

What’s Next for SHIB?

In the daily chart, SHIB’s 9-day moving average (MA) currently trends above the 21-day moving average, signaling a potential bullish crossover that could drive further price gains. Historically, this crossover pattern suggests upward momentum. The current 9-day and 21-day MAs stand at $0.00001815 and $0.00001805, respectively, both below the present price level of $0.00001947, adding further weight to the bullish sentiment.

The RSI value, displayed at 61.19, indicates moderately strong buying pressure. An RSI above 50 typically shows bullish momentum, and if SHIB maintains or surpasses this level, it may continue its upward trajectory. The RSI average of 53.25 further supports a stable buying trend, although the coin is not yet overbought. This level leaves room for additional gains before RSI levels reach the 70 mark, which would indicate an overbought scenario.

SHIB faces immediate resistance at the $0.00001950 level, with the next resistance level positioned around $0.00002000. If the price breaks above these key resistance points, it could target $0.00002100, potentially signaling a further rally. On the downside, immediate support is found at $0.00001800. A dip below this support level could bring SHIB down to $0.00001700, which may challenge the current bullish momentum.

The burn rate’s massive increase, coupled with rising market participation, points to a strengthening SHIB price. Given the positive crossover in moving averages and an RSI comfortably above 50, the outlook remains cautiously optimistic. However, SHIB needs to breach the $0.00001950 and $0.00002000 resistance levels to maintain upward momentum and confirm a strong breakout.

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