Shiba Inu price continues to trade below $0.00002 as the broader crypto market trades sideways. Despite the slowdown, SHIB has gained over 100% in the past year. Discover why SHIB can reach the long-anticipated $0.01 mark after a massive 7,200% token burn. This has sparked speculation about further upside. Investors are now watching whether SHIB can reach highs.
Can Shiba Inu Price Hit $0.01 After Massive 7,200% Burn?
Shiba Inu price is gaining momentum as its burn rate skyrocketed by 7,247% in the past 24 hours. The surge removed over 1 billion SHIB tokens from circulation, sparking renewed bullish sentiment in the market.
This reduction in supply has fueled optimism among investors anticipating a price breakout. Market dynamics suggest increased interest in SHIB as traders react to the declining token availability. With growing burn activity, analysts speculate on a potential rally amid improving crypto market conditions.
Why Could SHIB Price See More Surge Ahead?
Shiba Inu price gains momentum as Bitcoin hovers around $103K, approaching its all-time high of $108K. Despite market corrections, BTC and ETH’s rally fuels optimism for broader crypto gains.
The rising value of Ethereum, Solana, and XRP creates favorable conditions for SHIB’s price surge. The token aims for the elusive $0.01 mark, a significant milestone.
Meme coin interest grows, with Dogecoin leading and new tokens like TRUMP, PENGU, and AI16Z gaining traction. Shibarium’s expansion and ETH-based meme coins could further boost SHIB’s rally.
Shiba Inu Holds Key Support Zone
Crypto analysts highlight that the Shiba Inu price is maintaining its position within the crucial $0.000018 – $0.000020 range. Market experts suggest prolonged consolidation in this zone could lead to a significant price surge.
Analysts predict that the longer SHIB stabilizes at this level, the more explosive its breakout could be, potentially fueling an aggressive upward momentum.
Will SHIB Price Recover Above $0.00002 This Weekend?
As Friday, the SHIB price hovered at $0.00001897, marking a 1.50% increase in the last 24 hours. The price has been consolidating near the $0.00001900 level, showing slight bullish momentum.
The price faces immediate resistance at $0.00002. If the Shiba Inu price prediction breaks above this level, it could rally toward the next resistance at $0.000025. A successful breakout above this zone may drive the price toward the $0.00003000 level.
On the downside, the nearest support is around $0.000015. A drop below this level could trigger further selling pressure, potentially pushing SHIB lower.
The Relative Strength Index (RSI) stands at 53, suggesting neutral market conditions. A move above 60 could confirm stronger buying momentum. Meanwhile, the Chaikin Money Flow (CMF) is at 0.07, indicating mild capital inflows into SHIB.
Shiba Inu price outlook remains bullish as burn rates rise and market conditions improve. If momentum sustains, SHIB could challenge key resistance levels and push toward its long-awaited $0.01 target.
Frequently Asked Questions (FAQs)
SHIB’s burn rate surged 7,240%, reducing supply and fueling bullish sentiment.
Over 1 billion SHIB tokens were removed from circulation in 24 hours.
While possible, SHIB needs massive demand and sustained market momentum.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/is-shiba-inu-price-on-path-to-0-01-after-7200-shib-burn/
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