thenewscrypto.com
- $SHIB has lost over 5.60%, over the past 24 hours.
- The burn rate of $SHIB has spiked by 226%, 2.63 million tokens were burnt.
The meme coins in the market are facing a downward trajectory, returning to their previous lows. Among them, the dog-themed meme coin Shiba Inu ($SHIB) is approaching the critical threshold.
Over the last 24 hours, the $SHIB price recorded a loss of over 5.60%. The asset hit its peak and low of $0.00001702 and $0.0000157, respectively. This price momentum indicates a bear rally. At the time of writing, the token traded at $0.00001607, with its daily trading volume dropping by 41% to $487 million, as per CMC data.
On the other hand, $SHIB’s burn rate has displayed an increase of over 226% in the past 24 hours. Approximately 2.63 million tokens have been burned as per data. To date, the Shiba Inu ecosystem has burned a total of 410,730,847,872,516 $SHIB, leaving over 583.51 trillion $SHIB left in circulation.
Can $SHIB Climb Up?
The bullish sentiment $SHIB had over the past thirty days, shifted to the downward trajectory, losing 5.45% in the last week. The token began trading at $0.00001716, gradually surged to a high of 0.00002152. As days progressed, it slid again to a low of $0.00001595.
The technical indicators of the meme coin suggest the failed attempt of the asset to overcome the bearish trend. The short-term 9-day and the long-term 21-day moving averages are found above the current price momentum. Moreover, the asset is in oversold condition, as the daily relative strength index (RSI) stands at 36.77.
Furthermore, $SHIB’s price oscillated within the 0.000016 range. Breaking past the mark might signal the bull cycle. The asset may test its initial resistance at 0.00001712, a crucial area for bulls. A rebound from this level allows the asset to recover, but losing it could push the price toward the $0.00001508 support zone.