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Highlights
- Shiba Inu firmly sticks to support above the 200-day EMA on the four-hour chart.
- A break above the range high of $0.00003274 could blast SHIB towards a yearly high of $0.00004563.
- The RSI in recovery mode toward 50 upholds the strengthening bullish grip.
Shiba Inu coin price dodders sideways like other leading cryptos in the market. Despite the dismal start to the week easing into widespread consolidation, prices have not moved much. However, if the current technical structure continues to improve, a major breakout would be anticipated this weekend, with SHIB exploding by a staggering 70% to tag its highest point in 2024 of $0.00004563.
Shiba Inu Coin Price Consolidates As SHIB Burn Rate Nosedives
Shiba Inu’s token burn rate has come a long way, considering the more than 410 trillion coins removed from active circulation. This underscores the ecosystem’s commitment to reducing the supply of the second-largest meme coin, which started with a maximum supply of slightly over 999 trillion.
The incredible burn mechanism is supported by community members, and stakeholders as well as other protocols within the ecosystem such as the layer 2 scaling solution Shibarium.
At the time of writing, Shiba Inu boasts approximately 583 trillion SHIB tokens in circulating supply although the network has marginally over 589 trillion tokens in total supply. The difference of the two figures sums to about 6.55 trillion which currently is locked in various staking protocols.
In the last 24 hours, the burn rate has fallen by 60% meaning only 6.2 million tokens burned. This burn program is of particular importance to the Shiba Inu ecosystem, especially if Shiba Inu is to achieve a new all-time high in 2024.
The humongous supply has often been blamed for Shiba Inu Coin’s poor performance. However, the token more than tripled in value in Q1, rising from support at $0.0000095 to $0.00004563.
Should the circulating supply reduce drastically, Shiba Inu could achieve unprecedented highs, becoming one of the most valued cryptocurrencies in the industry.
Exploring Shiba Inu’s Technical Structure
Shiba Inu Coin holds firmly to short-term support provided by the 200-day Exponential Moving Average (EMA) (the line in purple on the four-hour chart). On a wider scope, the meme coin has since the correction in mid-March been oscillating between critical support approximately at $0.000024 (the grey band) and resistance approximately at $0.00003274 (the red band).
Several four-hour candle closes above the 200-day EMA would hasten the recovery toward the range high while shielding bulls from retesting the range low.
A recovering Relative Strength Index (RSI) at 43.25 upholds the strengthening bullish structure. However, movement above the midline at 50 is required to validate the uptrend this weekend.
It is also important that Shiba Inu coin price closes the day above the previous day’s high of $0.00002775 — serving as another bullish signal. Breaking the barrier at the range high could catapult SHIB toward the yearly highs of $0.00004563 and possibly trigger a larger swing aiming for historical highs of $0.00008616, according to CoinGecko data.
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