- The price of SHIB rose by 1.32% daily even though its token burn rate dropped by 95.42%.
- RSI stands close to oversold territory with a value of 34.05 as MACD appears bearish but exhibits signs of slowing down in selling momentum.
- The price movement of SHIB depends on two essential levels since $0.0000162 represents potential resistance and $0.00001468 indicates fundamental support.
This significant decline in burn activity coincides with the surge in SHIB price today.According to data from Shibburn, the total number of SHIB tokens permanently removed from circulation now stands at 589 trillion.
The price of Shiba Inu ($SHIB) stands at $0.00001547 as it increases 1.58% in an hour alongside a 1.32% upswing from yesterday. The rising market cap currently holds $9.05 billion after reaching a 1.37% increase from its previous value.
SHIB burn rate Declines 95.42%
The total market value of SHIB has expanded by 1.37% to reach $9.05 billion as the token price has risen. The daily SHIB token burn reached 692,384 resulting in a 95.42% decrease since the last 24 hours. The token removal rate during the previous week dropped by 93.53% while total burn transactions reached 73.59 million SHIB.The declining burn rate suggests reduced deflationary pressure, which could limit price acceleration.
Despite this, SHIB’s price remains bullish due to market momentum and increased investor interest. If burns continue declining, supply reduction effects may weaken, potentially slowing future price growth. Short-term, SHIB could see minor gains, but sustaining upward momentum will require continued investor demand and a rebound in token burns.
SHIB Technical Indicators
Despite the recent increase, the technical indicators are showing signs of negative momentum. The RSI is at 34.05, near the oversold region. If it moves above 40, bullish momentum could increase.
Meanwhile, the MACD remains bearish, with the MACD line at -1.01B, still below the signal line. Thus,reducing histogram bar size indicates that market selling power becomes weaker. An upward crossing of the MACD would validate a market shift.
Shiba Inu Price Levels and Market Outlook
The relationship between SHIB and Ethereum is strong because the token has gained 6.2% along with a 2.7% increase in value against Bitcoin.This suggests that SHIB’s price action is influenced by broader market trends, particularly in major cryptocurrencies.
The current market position of SHIB positions itself right below the daily peak at $0.00001567 while indicating bullish market sentiment. After the current price level of $0.00001567 is surpassed by buyers’ pressure additional resistance lies at $0.0000160 – $0.0000162 possibly leading to more price ascent.
However, the support level at $0.00001468 remains crucial. A drop below this level may trigger a bearish scenario, leading to further declines towards $0.0000145 – $0.0000147. Additionally, the recent decline in SHIB’s burn rate might limit deflationary pressure, potentially reducing the long-term bullish impact. Overall, SHIB remains in an uptrend but must surpass $0.00001567 for further bullish confirmation.
