Shiba Inu (SHIB) has experienced a significant surge in its burn rate, with over 34 million tokens burned in the past 24 hours. This represents a 1323% increase in the burn rate, a positive development for SHIB holders as it reduces the token’s overall supply.
Price Performance and Market Sentiment
As a result of the increased burn rate, SHIB has seen a price recovery, rising 2.36% in the past 24 hours to trade at $0.00001947. The token’s market capitalization has also increased, reaching $11.47 billion, indicating growing investor confidence.
Technical Analysis
Technical indicators suggest a bullish outlook for SHIB. The 9-day moving average has crossed above the 21-day moving average, a bullish signal. Additionally, the Relative Strength Index (RSI) is currently at 61.19, indicating strong buying pressure.
Potential Price Movements
SHIB faces immediate resistance at $0.00001950 and $0.00002000. If the token can break through these levels, it could target $0.00002100. However, if the price falls below the immediate support level of $0.00001800, it could further decline to $0.00001700.
Conclusion
The combination of a soaring burn rate and increased market interest has created a positive outlook for SHIB. While the technical indicators point to potential upside, it’s important to monitor key resistance and support levels to gauge future price movements.