Will Shiba Inus 1436% Burn Rate Surge Spark a Bullish Breakout?
- SHIB burn rate spikes by 1436.03%, burning over 18 million tokens in 24 hours.
- The Shiba Inu team hints at a potential 1000% surge in the next 2-3 days.
Shiba Inu ($SHIB) is showing strong momentum, with price indicators hinting at a potential rally. Over the past 24 hours, $SHIB has surged by over 4.78%, bringing the price to $0.00001789, according to CoinMarketCap data. This comes in the wake of an increased burn rate and ongoing developments in the Shiba Inu ecosystem, including Shibariums growing success.
As the burn rate accelerates, the overall $SHIB supply continues to decrease, potentially leading to higher demand and a price surge. The SHIB burn rate has spiked by 1436.03% in the last 24 hours, with 18,439,689 SHIB tokens burned in this period. A notable recent burn transaction included 1.5 million $SHIB.
As the burn rate intensifies, the circulating supply of Shiba Inu tokens decreases, creating a deflationary effect. This reduced supply is expected to drive prices upward, especially with rising interest from the SHIB community. With 589.27 trillion tokens currently in circulation, further burns could significantly impact the tokens future value.
Technical Indicators Signal Bullish Momentum for SHIB
Technical analysis on the SHIB/USDT trading pair further supports bullish sentiment. The chart shows that the price is steadily climbing back up after a period of consolidation. The current resistance level stands at $0.00001813, while the support level is around $0.00001715.
If the resistance is breached, the next resistance level would be around $0.00001900. On the downside, if the price falls below the support, the next support would be at $0.00001650.
Moving averages indicate a potential breakout, with the 9-day moving average at $0.00001743 and the 21-day moving average at $0.00001715. The 9-day moving average crossing above the 21-day moving average signals a bullish trend. This crossover suggests that buying pressure may increase, potentially pushing the price higher in the near term.
Additionally, the relative strength index (RSI) is at 59.06, with the RSI average at 57.84. The RSI remains close to overbought territory but still provides room for more upward movement. If the RSI crosses above 70, it could indicate that the asset is overbought, signaling a potential correction.
Meanwhile, the Shiba Inu development team has hinted at an explosive price surge in the next few days, possibly driven by upcoming developments or announcements. Moreover, they hinted that $SHIB could see a major upward move within the next 2-3 days. Coupled with the ongoing token burns, this could lead to a significant price increase, potentially as much as 1000%, as speculated by some community members.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
