SHIB is currently trading at $0.00001320, showing a significant burn rate increase of 1,548%. The 200-day EMA acts as a key resistance level, indicating potential for a bullish breakout.
SHIB trades near $0.00001334, building breakout pressure within a symmetrical triangle pattern.
Burn rate spikes 1,548% with 102M SHIB removed in 7 days, yet supply impact remains small.
The 200-day EMA stands as major resistance; a breakout could confirm medium-term bullish momentum.
SHIB price analysis reveals a potential breakout as burn rates surge. Stay informed on the latest trends!
What is SHIB’s Current Price Action?
SHIB is trading at $0.00001320, consolidating within a symmetrical triangle pattern. This technical formation indicates potential breakout pressure as trading activity increases.
How Does the Symmetrical Triangle Affect SHIB?
The SHIB/USDT weekly chart shows consolidation inside converging trendlines, forming a symmetrical triangle pattern. As of now, SHIB trades near $0.00001334, close to the triangle’s resistance, indicating growing pressure for a breakout.
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The 200-day EMA serves as a critical resistance level for SHIB. A breakout above this level could signal a medium-term bullish trend.
Increased burn activity reduces the circulating supply of SHIB, potentially leading to higher prices due to scarcity.
In summary, SHIB is currently positioned at $0.00001320, with a notable burn rate increase and significant technical resistance at the 200-day EMA. As network developments continue, SHIB may be preparing for a bullish breakout, making it essential for investors to stay informed.
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Source: https://en.coinotag.com/shib-approaches-key-resistance-amid-1548-burn-rate-surge-and-potential-breakout-signals/