Shiba Inu Coin Price Prediction: Can SHIB Reach $0.00003 Amid Increased Burns Rates?

Shiba Inu Coin price prediction: SHIB, a meme-based cryptocurrency, has experienced a notable price correction over the past 24 hours. The price of the Shiba Inu coin is down 5.29%, currently sitting at $0.00002405. The market cap has dropped to $14.17 billion, ranking it 11th among cryptocurrencies, according to CoinMarketCap Data.

Trading volume has seen a significant surge, with a 101.86% increase to $840 million in the last 24 hours, suggesting heightened trading activity. The volume-to-market cap ratio stands at 5.93%. Despite the recent dip, the circulating supply of Shiba Inu remains stable at 589 trillion SHIB.

Shiba Inu Coin Price Prediction: A Path to Recovery?

Shiba Inu has exhibited minimal movement over the past week, reflecting a broader downturn in the cryptocurrency market. This period of stagnation is crucial for SHIB, especially given the overall market conditions. The cryptocurrency market has experienced a significant 9% decline in the past week. 

Most of the cryptocurrencies today have experienced a bearish trend. The leading cryptocurrencies, Bitcoin and Ethereum, have both seen substantial declines. Bitcoin has declined by approximately 3%, while Ethereum has fallen by around 2%. 

This downward movement in major cryptocurrencies has set the tone for the rest of the market, influencing other digital assets like Shiba Inu.

Shiba Inu Community: Burn Rate and Whale Activity

Despite the slight bearish trend, Shiba Inu burn rate recently surged, sparking interest in the cryptocurrency community. Over 24 hours, the burn rate increased by an astonishing 3900%, removing 4.03 million SHIB tokens from circulation. 

This significant burn originated from a single wallet address, reflecting a community-driven effort to reduce SHIB’s circulating supply.

Additionally, major SHIB holders, known as whales, have been actively buying tokens, contributing to further burns. As whales accumulate, more tokens are removed from circulation. 

Technical Indicators and Future Predictions

Shiba Inu price is currently encountering a significant resistance level at $0.000025. Breaking past this barrier might lead to a price increase of $0.000028. Such a move could pave the way for reaching the $0.00003 mark, indicating a bullish trend in the near term.

However, if the bearish pressure mounts, Shiba Inu may drop to a support level of $0.000023. If the market sentiment becomes negative, SHIB could fall further to $0.000021. Increased bearish momentum might confirm a downward trend.

The daily technical indicators for SHIB reveal a consolidation phase for the Shiba Inu cryptocurrency. The Moving Average Convergence Divergence (MACD) shows a minimal difference between the MACD and signal lines, suggesting a neutral momentum.

Additionally, the Awesome Oscillator (AO) indicates a slight bearish momentum with a negative value of -0.0000016. The Chaikin Money Flow (CMF) indicator registers at 0.06, suggesting moderate buying pressure. Meanwhile, the Relative Strength Index (RSI) is at 45, indicating neutral momentum without strong buy or sell signals.