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.
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.
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.
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.
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.
Frequently Asked Questions (FAQs)
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.
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.
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.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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