Shiba Inu Coins Prediction As Rising Burn Rate Sparks a Parabolic Price Rally
Highlights
- Shiba Inu Coin seeks consecutive four-hour candle closes above $0.000014 to validate the rally.
- SHIB sits on top of the 20-day EMA, the 50-day EMA, and the 200-day EMA, underscoring the bullish theory.
- SHIB burn rate rises 30,000% but drops again due to surging prices and increased transactions.
Shiba Inu Coin, ranked as the second-largest meme cryptocurrency, picked up aggressive buying momentum in late February after the price rebounded from $0.00000936 support. The positive turnaround bolstered by bullish sentiment for Spot Bitcoin ETFs, uplifted the SHIB price by 131% within a fortnight to reach $0.0000214.
Like many cryptocurrencies in the market, Shiba Inu Coin faced increasing uncertainty in January, resulting in a correction below the $0.00001 level. The meme coin swept liquidity at $0.0000082 — 2024’s lowest point followed by a steady consolidation above $0.000009 ahead of this week’s massive breakout to $0.00001467.
Shiba Inu Coin Price Analysis: Navigating The Bullish Outlook To $0.00002
Every four-hour candle on Friday has closed below the immediate resistance at $0.000014. Traders would be interested in SHIB making a comeback above this level to reconfirm the uptrend.
A neutral yet rising Relative Strength Index (RSI) backs the bullish theory. Another debut into the overbought region may signal a major uptick in the price, prompting more buy orders from traders speculating on Shiba Inu ascending past $0.000015 this weekend.
The Moving Average Convergence Divergence (MACD) indicator upholds the positive sentiment, meaning SHIB has not exhausted the rally. A buy signal from the previous week reinforced the bullish grip, compelling traders to keep buying for more exposure or to hold onto their current positions.
Shiba Inu also sits on top of all key moving averages including the 20-day Exponential Moving Average (EMA), the 50-day EMA, and the 200-day EMA. If this position holds and the moving averages continue to catch up to SHIB price, a bullish outcome is most likely to occur.
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In other news, the Shiba Inu burn rate has been erratic this week, jumping 30,000% in 24 hours and falling to zero the next day. It is difficult to pinpoint why this is happening, considering that the current burn rate is down 63% to 1 million SHIB burned over the last 24 hours.
Shiba Inu’s token burn program has been lauded by many who say it is one of the most successful in the industry. So far, 410 trillion tokens have been removed from active circulation, leaving 581 trillion of available supply. About 7.6 trillion of the total supply of 589 trillion is locked in staking contracts.
Burning tokens or simply removing them from active circulation to a dead or unspendable wallet changes the dynamics of a project. There’s a need to cut SHIB’s supply to elevate its position in the market and allow it to gain value, especially in the bull market.
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