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- SHIB has surged over 2% in the last 24 hours, reaching a trading price of $0.00002618.
- SHIB’s burn rate has skyrocketed by approximately 2200% in the same period, eliminating 1.84 million tokens from circulation.
- Technical indicators signal a bullish trend for SHIB, with potential resistance at $0.000027 and support at $0.000026.
Technical indicators are signaling a bullish trend for Shiba Inu (SHIB) as the meme coin experiences a surge in market value. Over the last 24 hours, SHIB has witnessed a remarkable increase of over 2%, reaching a trading price of $0.00002618.
One of the key drivers of this bullish trend is the notable rise in SHIB’s burn rate, which has skyrocketed by approximately 2200% over the past 24 hours. This surge in burn rate, marked by the elimination of 1.84 million SHIB tokens from circulation, has injected enthusiasm among investors and traders within the cryptocurrency sector.
The current market activity suggests a potential for further increases in SHIB‘s value. Technical analysis reveals promising indicators, with the Relative Strength Index (RSI) at a balanced 53, indicating a neutral trend. The Average Directional Index (ADX) stands at 23.54, highlighting the robustness of the current trend.
Furthermore, the Moving Average Convergence Divergence (MACD) signals a bullish phase, with the MACD line surpassing the signal line. An expanding histogram and green candlestick on the chart further affirm positive market sentiment for SHIB in the short term.
SHIB’s price is currently facing resistance at $0.000027, with the potential to break through and reach $0.00005, setting a trajectory toward the sought-after $0.001 mark. However, a decline could bring it down to support levels at $0.000026 or even $0.000025. Increased selling pressure might push its value below $0.000009, indicating a bearish trend for the meme coin.