Shiba Inu shows resilience with modest gains, but its burn rate has dropped by 90%, affecting supply and long-term price action.
Shiba Inu (SHIB) is showing resilience despite the slow price recovery in the broader crypto market, currently sitting at $0.000007465. The price action has been attempting to test the resistance zone near $0.0000076, with the coin having recently reached a high of $0.000007549 before experiencing a slight pullback.
SHIB has shown modest improvements, with a 1.7% increase over the past 24 hours and a 3.4% gain in the last 7 days. However, the 14-day performance reveals a pullback of 8.5%, showing that while short-term momentum is positive, SHIB has faced some challenges in the week leading to the festive period. Can the SHIB Army maintain its enthusiasm and help push through key resistance levels?
Key Shiba Inu Level to Hold
In terms of technical indicators, Shiba Inu is showing signs of potential recovery but still faces significant challenges. The current price of SHIB is testing a key support level near $0.00000664 (the lower Bollinger Band), which has been holding up well recently. If SHIB drops below this level, further downside may be possible.
On the upside, the resistance level is at $0.00000859, near the upper Bollinger Band, which could cap any upward momentum. A break above this resistance could see SHIB testing higher levels, potentially aiming toward $0.000009.
Further, the MACD (Moving Average Convergence Divergence) indicator is also offering insight into SHIB’s momentum. The histogram has recently shifted from negative to positive territory, suggesting a possible bullish crossover. The MACD line (blue) has also crossed above the signal line (orange), which signals stronger bullish momentum.
The fact that the MACD is showing increasing positive momentum, along with SHIB approaching key resistance levels, the meme coin may be gearing up for a move. However, SHIB must maintain support at $0.00000664 to keep any upward momentum intact.
SHIB Burn Rate Falls 90%
As Shiba Inu continues to surge towards key resistance levels, burn activity keeps on declining. As of the latest data, the burn rate has experienced a notable drop of 90.31% in the last 24 hours, with 1,066,266 SHIB burned during this period.
Despite the decreased burn rate, several transactions are actively reducing the supply. For example, in the past 4 hours alone, 125,759 SHIB were burned, and 940,506 SHIB were burned 23 hours ago.
Other significant burns occurred two days ago, with 2 million SHIB burned across two transactions. The ongoing burn efforts, albeit slower in recent days, still play a crucial role in reducing the total supply and potentially increasing scarcity.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
