Shiba Inu Coin Price Analysis: As SHIB Burn Skyrockets, Will Bulls Seize The Opportunity For A Run To $1?

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As SHIB Burn Skyrockets, Will Bulls Seize The Opportunity For A Run To $1? – Crypto News

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1 year ago

February 22, 2024

Dripp

Shiba Inu Coin price analysis: SHIB has recently seen a significant uptick in its market performance, showcasing an impressive rally in the last month. The meme-based cryptocurrency breached the resistance level of $0.0000095, signifying a strong bullish momentum. At the time of writing, the price of Shiba Inu Coin is at $0.000009559, reflecting a growth of 2% in the past 24 hours.

Shiba Inu Coin Price Analysis: What’s Behind Recent Market Surge?

Over the past Two weeks, SHIB witnessed a notable appreciation, with its value increasing by more than 5%, moving from $0.0000088 to its current stance above $0.0000095. This upward trend highlights a robust confidence from the investment community.

Notably, on February 15, Shiba Inu Coin surged to retake the $0.00001 mark, a milestone it had yet to reach in the preceding month, before experiencing a slight pullback to $0.00000930 after attempting to sustain its position above this key level

The current market capitalization of Shiba Inu Coin sits at $5.62 billion, placing it as the 17th largest cryptocurrency per CoinMarketCap data. Despite a 27% drop in its 24-hour trading volume, now at $167 million, the enthusiasm among traders and investors for Shiba Inu remains visible, signaling a sustained interest in its market performance.

Shiba Inu Coin Price Analysis: SHIB Burn Fuels Optimism

The Ethereum-based meme coin has experienced a notable increase in its token destruction rate over the last day, as reported by Shibburn. The burn rate of Shiba Inu (SHIB) tokens has dramatically risen, increasing 8,511.59%, with a staggering 86,115,940 SHIB tokens being permanently removed from circulation. This upsurge in tokens sent to dead wallets has injected a renewed sense of optimism into the market’s view of the meme coin.

The rate at which Shiba Inu tokens are burned is critical for assessing the token’s capacity for significant growth or recovery. As SHIB hovers near the $0.00001 resistance level, the recent boost in the burn rate plays a pivotal role. It aims to consolidate market bullish efforts to achieve set growth objectives, suggesting a strategic move to enhance the coin’s value and scarcity.

Technical Indicators Signal Strong Momentum for SHIB

Shiba Inu Coin is currently at a crucial juncture, facing the $0.00001 resistance level. Surpassing this barrier could pave the way for further gains, reaching up to $0.000015 or even the optimistic $0.0001 mark. However, a dip below $0.000009 could reverse the bullish forecast, pushing the coin toward the $0.0000080 support level.

Technical indicators support the optimistic outlook for Shiba Inu Coin. The Relative Strength Index (RSI) is at a moderately neutral 52, tilting towards an overbought condition, which suggests bullish momentum. The Chaikin Money Flow index stands at 0.19, indicating a positive inflow of money into the asset. The 20 Exponential Moving Average (EMA) and the 50-EMA add to the bullish sentiment surrounding the coin.