Shiba Inu, has impressed investors recently due to strong token burning actions and a significant increase in daily transactions on Shibarium. As a result, the token witnessed a significant price increase. Additionally, it rose from the support level of $0.00000761 to the peak of $0.00000965, recording an impressive growth of 26.8%. During this uptrend, buyers successfully broke through a long-standing resistance trend line. This signaled that the recovery may continue to gain momentum in the near future.
SHIB Price Skips 10-Month Correction, Chasing $0.00001
- Daily candle with high wick rejection reflects supply pressure at $0.0000096
- The bullish 20 and 100-day EMA offer an additional advantage to market buyers.
- The intraday trading volume of Shiba Inu coin is 312.5 Million dollars, showing a loss of 48%.
in late november cryptocurrency A notable shift in momentum has occurred in the market, largely catalyzed by Bitcoin breaking the $40,000 barrier for the first time in 19 months. This market rise had a positive impact on the SHIB price. This has led to a significant increase in investor interest over the past two weeks.
A significant development for the Shiba Inu price was the breakout of the long-standing downward sloping resistance trend line on December 3. This trend line has been a dynamic resistance for the last 10 months and typically indicates a market trend where investors tend to sell during bullish bounces.
As a result, this latest breakout signals a significant change in market sentiment. In this context, it potentially paves the way for a long recovery phase for the Shiba Inu.
Currently, SHIB price is trading at $0.000009 and is experiencing an intraday decline of 2%. This position suggests a potential retest of the newly breached trendline to confirm price sustainability above this level. It is possible that buyers will manage to keep the price above this newfound support. If this happens, SHIB is likely to break the next major resistance at $0.0000096.
to achieve this, meme coin’It would position i for a potential 26% rally.
Conversely, a break below the low of the December 3 candle ($0.0000836) would invalidate the bullish thesis.
Shiba Inu Token Burn Rate Increased Over 1.5 Million Percent
In a noteworthy development, the burn rate of Shiba Inu tokens has experienced an explosive increase of over 1548111.10% in the last 24 hours. This resulted in the elimination of approximately 8.348 Billion SHIB tokens from the circulating supply. This significant leap in token burning is largely due to the use of Shibarium’s innovative token burning protocol. In this context, this marks a very important moment in the ecosystem.
Directional Movement Index: The bullish situation between the DI+ (blue) and DI- (orange) lines indicates a continuing recovery trend for SHIB.
Exponential Moving Averages: SHIB price positioned above the daily EMA (20, 50, 100 and 200) reinforces the positive sentiment surrounding the asset.