Shiba Inu Eyes $0.000020 Target as Burn Rate Skyrockets

• Shiba Inu is trading at $0.00001282, maintaining critical support amid a 5.49% 24-hour drop.
• Analyst Ali Martinez suggests SHIB could move from the support at $0.000013 to a possible spike to $0.000020.
• The burn rate of Shiba Inu has increased by 3,252%, and over 29.32 million SHIB tokens have burnt in 24 hours, boosting the market optimism.

The crypto market continues to sail in a bearish sentiment as the bears continue to dominate. The global market cap and 24-hour trading volume have dropped to $2.83 trillion and $110 billion, respectively. In addition, the fear and greed index has remained at 25, indicating a fear sentiment in the market. 

The second-largest memecoin, Shiba Inu, has been trading on a descending pattern following the broader market setback. The memecoin dropped from the $0.00001700 region to the $0.00001200 level.

At press time, SHIB is trading at $0.00001282, down by 5.49% in the past 24 hours, according to CMC data. In addition, the memecoin has declined 7% and 19% on the weekly and monthly charts, respectively. Its market cap and trading volume are at $7.57 billion and $280 million, respectively. 

SHIB Holds Key Support as Analyst Eyes $0.000020 Target

Shiba Inu is currently trading at $0.00001342, holding above critical support at $0.000013. According to analyst Ali Martinez, a surge in buying pressure could bring SHIB to the $0.000020 price mark, thus bringing over 50% profit opportunity at the current price level.  

The chart reveals significant price action between $0.000013 and $0.000020, with resistance levels above $0.000025 and $0.000030. If buying momentum strengthens, SHIB could break through the current resistance and aim for $0.000020. However, any downturn could be seen as testing lower levels at nearly $0.000012.

Amidst the imminent Shiba Inu rally, its burn rate surged by 3252% over the past 24 hours, as 29.32 million tokens were eliminated from circulation. Despite market fluctuations, the substantial increase in burn activity brings optimism.

To date, a total of 410.49 trillion Shiba Inu tokens have been burned. In March alone, approximately 76 million coins have been removed from circulation, with the first week completed. This trend also shows strong ongoing burn activity.

Technical Analysis: Where is the SHIB Price Heading?

Looking at the technical indicators on the daily chart, the SHIB price displays a neutral market sentiment. The support level at the $0.00001200 mark has been holding strong, and the market dynamics could shift soon. 

The RSI and MACD indicators are currently in neutral zones and could shift to the positive zone in case of a bullish reversal scenario. The RSI at 36 indexes suggests further room for growth, which could reverse SHIB’s downtrend. 

Moreover, the MACD and Signal line are trending alongside each other, and an increase in buying pressure could lead to a bullish crossover, possibly leading to a price hike.

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