Shiba Inu Coin (SHIB) Price As Key Technical Indicator Tips Off 45% Move
Highlights
- SHIB seeks several four-hour candles close above $0.00003 to validate the uptrend to $0.00004563.
- The SuperTrend indicator flips to trail Shiba Inu Coin price, supporting the uptrend.
- Roughly 27 million SHIB burned from active circulation bringing the total supply to about 589.275 trillion.
The second-largest meme coin, Shiba Inu Coin (SHIB) price, is moving along with the bullish crypto market as it nears the $3 trillion mark. Following last week’s correction, investors are back to roll back the dice and make the most out of their current positions. Those who dollar-cost averaged (DCA) as prices plummeted have already started seeing their wallets grow, considering Shiba Inu Coin is up a staggering 30% from support at $0.00002366.
SHIB hovers at $0.0000308 during US business hours on Tuesday. In just 24 hours, the popular dog-themed meme coin is up 12% and boasting a whopping 186% surge in the trading volume to $2.16 billion.
Shiba Inu’s market cap stands at $18 billion and ranks #11 among other cryptos including stablecoins.
Shiba Inu Coin Price Analysis: Navigating SHIB’s Recovery With the SuperTrend Indicator
After the gruesome sell-off in the last couple of weeks, Shiba Inu embraced support at $0.00002366, reinforced by the 200-day Exponential Moving Average (EMA) (the line in purple on the chart).
This area played a vital role in the newly-found stability, relieving investors of immense overhead pressure while encouraging buying the dip opportunities.
As SHIB bounced back in the footsteps of Bitcoin price climbs above $70,000 on Monday, it cleared the path for further gains. The SuperTrend indicator, which had been bearish since March 5 when Shiba Inu Coin price topped out at $0.00004563, recently flipped to trail SHIB price, thus accentuating the trend reversal.
Traders would be looking for several four-hour candle closes above $0.00003 to ascertain that the uptrend will sustain to the high in March at $0.00004563.
Should Shiba Inu Coin price successfully retest the area at $0.00003 and bounce back to resistance at $0.000035, FOMO might kick in and restart a major rally to target recent highs and subsequently the next major milestone at $0.0001.
Shiba Inu Token Burn Rate Poised To Rally
The token burn rate in the Shiba Inu Coin ecosystem is believed to be one of the most elaborate similar programs in the industry. Since its inception, approximately 410 trillion SHIB tokens have been removed from active circulation.
So far, Shiba Inu boasts 589 trillion tokens making up its total supply. However, due to roughly 6.6 trillion, SHIB locked up in various staking protocols, only 582 trillion coins are circulating.
In the last 24 hours, Shiba Inu has experienced a 27% increase in the burn rate, with around 27 million SHIB sent to an unspendable wallet. As the burn rate increases, demand and supply dynamics are expected to change in favor of supporting a larger rally.
Reduced supply means that selling pressure goes down significantly and with demand staying the same or rising, a rally is bound to erupt and push Shiba Inu Coin price to higher unprecedented levels.
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