**Altcoins like Shiba Inu Coin (SHIB) Continue Uptrend as Bitcoin Consolidates**
Altcoins such as Shiba Inu Coin (SHIB) have been maintaining their upward momentum while Bitcoin remains consolidated below $35,000. Last week, SHIB broke above a key resistance level at $0.000008, solidifying its bullish stance and paving the way for a potential climb above $0.00001.
**Shiba Inu Coin Price Prediction**
Currently, SHIB is trading between two crucial levels of support and resistance. The 100-day Exponential Moving Average (EMA) acts as support at $0.00000774, while the 200-day EMA acts as resistance at $0.00000836. With a market cap of $4.8 billion and a trading volume of $165 million, SHIB is priced at $0.00000819 on Monday.
Based on the On-Balance Volume (OBV) indicator, which indicates buying and selling pressure, SHIB bulls seem to have the upper hand. With a slight push, the price could potentially break through immediate resistance and close the gap to $0.00001.
**Short-Term Price Potential and Key Levels**
According to Fibonacci retracement levels, SHIB has the potential to climb 61.8% above its lowest price point in October from 0.00000667 to $0.00000956 in the short term. However, the 200-day EMA and the 38.2% Fibonacci level pose as significant obstacles.
Traders should watch out for a bullish start above these two key levels. Placing buy orders above the highest resistance level at 38.2% Fibonacci would lock in gains at $0.00000956. However, highly bullish traders may prefer to wait for SHIB to surpass $0.00001 before entering new positions.
There is still a possibility of the price declining below $0.000008, which would put pressure on the major support at the 10-day EMA. If selling pressure persists, SHIB could potentially drop to $0.0000072 and even reach its lowest support level in October at $0.00000667.
**Shibarium Transactions Surge as Shibburn Rate Drops**
Shibarium, an Ethereum layer 2 scaling solutions protocol dedicated to the Shiba Inu network, has processed over 3.8 million transactions since its mainnet launch in August. The protocol currently has 1.53 million blocks with an average block time of 5.1 seconds.
As for the Shiba Inu token burn rate program, it has experienced a significant setback with an 88% decrease in the last 24 hours. Only 900,779 SHIB tokens have been removed from circulation during this period, bringing the available supply to 580 trillion. Out of a total supply of slightly over 589 trillion tokens, approximately 410 trillion have been burned, with around 9.3 trillion staked in protocols.
**Importance of Shibburn Rate Program**
The Shibburn rate program plays a critical role in the Shiba Inu ecosystem. The massive token supply has been blamed for SHIB’s poor performance during the 2021 bull run. By reducing the available supply through burning tokens, there is hope that SHIB will be able to rally and replicate its previous bull run to reach its all-time high of 0.00008616.
**John: A Trusted Crypto Expert**
John is a highly knowledgeable crypto expert known for his accurate price predictions and in-depth analysis of the digital asset market. As CoinGape Media’s Price Prediction Editor for Market Content, he provides valuable insights on price trends and market forecasts.
With extensive experience in the crypto sphere, John specializes in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his diligent reporting, John ensures that his audience is well-informed and equipped to navigate the ever-changing crypto market.
**Hot Take: Altcoins Thrive as SHIB Continues Uptrend**
Altcoins like Shiba Inu Coin (SHIB) have been displaying strong upward momentum, outperforming Bitcoin in recent weeks. Despite Bitcoin’s consolidation below $35,000, SHIB has managed to break key resistance levels and maintain a bullish grip.
The price prediction for SHIB suggests potential gains in the short term, with Fibonacci retracement levels indicating a climb above its lowest price point in October. However, traders should closely monitor the 200-day EMA and the 38.2% Fibonacci level as immediate barriers to further upside movement.
Additionally, Shibarium transactions have surged, showcasing the protocol’s scalability and efficiency. However, the Shibburn rate program has experienced a setback with a significant drop in token burn rate. Nevertheless, reducing the token supply through burning remains crucial for SHIB’s future performance.
Overall, altcoins like SHIB continue to present opportunities for traders and investors looking beyond Bitcoin.
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