Price Analysis

What’s Next for Shiba Inu Price After a 5,000% Surge in SHIB Burn Rate?

SHIB price shows potential for recovery with rising burn rate and technical signals pointing to a $0.00047 rally for Shiba Inu
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What’s Next for Shiba Inu Price After a 5,000% Surge in SHIB Burn Rate?

Highlights

  • SHIB Price showing strong support at $0.00001, limiting further declines
  • Surge in burn rate could reduce circulating supply, increasing scarcity.
  • Analyst forecasts bullish momentum toward $0.00047, supported by technical signals.

Shiba Inu (SHIB) price has been consolidating after the recent crypto market correction. However, analysts see signs of a rebound, indicating a potential bullish trend. SHIB is testing a horizontal support level after a decline amid a massive Shibburn of 5000%. Market sentiment suggests a possible upward movement, with a $0.00047 target in focus if buying pressure increases. 

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Shiba Inu (SHIB) Price Holds Strong: Is a $0.00047 Rally Coming?

Crypto analyst forecasts a potential rally for Shiba Inu price as technical indicators suggest an upward trend. The price targets are set at $0.000085171, $0.000183312, and $0.000472905, reflecting a bullish sentiment. As Bitcoin’s dominance declines, SHIB could gain momentum in the market.

The analyst highlights a positive technical outlook, signaling strong resistance and support levels for SHIB. If buying pressure increases, the price could reach the projected targets. 

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Shiba Burn Rate Surges Over 5,400%; Whats Next For SHIB?

Shiba burn mechanism recorded a sharp rise, with the burn rate soaring 5,440% in the last 24 hours. Data shows that 26,355,678 SHIB tokens were sent to dead wallets, significantly reducing the circulating supply.

The latest spike in token burning reflects increased community efforts to enhance scarcity. The process involves sending SHIB to an inaccessible address and permanently removing them from circulation. A higher burn rate often indicates growing network activity, which could impact future price trends.

Source: SHIBBURN

SHIB Technical Analysis

As of the reporting time, the Shiba price hovered at $0.00001310, showing slight gains of 0.08% in the past 24-hours. The Shiba Inu price is consolidating near support, with key resistance levels limiting upward movement.

The SHIB reveals strong support at $0.00001, preventing further declines. Resistance remains at $0.00001405, with higher barriers at $0.000016 and $0.000018. If Shiba Inu price prediction breaks past $0.000015, it could push toward $0.000012. A rejection at current levels could send the price back to $0.000012.

The Moving Average Convergence Divergence (MACD) shows a slight bullish crossover. The signal line remains below the MACD line, but positive momentum could emerge.  The Relative Strength Index (RSI) stands at 42, slightly recovering from oversold conditions. 

Source: TradingView

To sum up, the SHIB price shows signs of recovery, with a potential rally targeting $0.00047. Strong support and resistance levels, along with a rising burn rate, could propel SHIB’s value higher, depending on market dynamics and buying momentum.

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Frequently Asked Questions

Why is the Shiba Inu burn rate important?

The Shiba Inu burn rate refers to the process of removing SHIB tokens from circulation by sending them to an inaccessible wallet. This reduces the overall supply, increasing scarcity and potentially driving up the value of remaining tokens.

What is the Shiba Inu price target?

Price targets for Shiba Inu depend on market sentiment and technical analysis. Currently, analysts are eyeing a potential price target of $0.00047 based on recent price trends and buying pressure.

What are the key resistance levels for SHIB?

The key resistance levels for SHIB are at $0.00001405, $0.000016, and $0.000018. If SHIB breaks through these levels, it could move higher.
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