SHIB Price Breaks Resistance and Surges
The price of Shiba Inu (SHIB), the second-largest meme cryptocurrency, has seen a significant surge recently. This is due to the token-burning actions and increased daily transactions on Shibarium. The price has risen by 26.8%, breaking a long-standing resistance trendline and signaling further recovery.
Supply Pressure at $0.0000096
- The daily candle shows supply pressure at $0.0000096.
- A bullish crossover between the 20-day and 100-day EMA gives an advantage to buyers.
- The intraday trading volume for SHIB is $312.5 million, with a 48% loss.
In late November, the cryptocurrency market experienced a momentum shift, with Bitcoin breaking the $40,000 barrier. This has had a positive impact on the SHIB price and increased investor interest in recent weeks.
A significant development for SHIB was the breach of a downward-sloping resistance trendline on December 3rd. This marks a change in market sentiment and sets the stage for an extended recovery phase.
The current SHIB price is $0.000009, with a 2% decrease today. If the price holds above the breached trendline, it could surpass the next resistance at $0.0000096, potentially resulting in a 26% rally.
On the other hand, if the price breaks below the low of the December 3rd candle ($0.0000836), it would invalidate the bullish thesis.
Shiba Inu Token Burn Rate Skyrockets
The burn rate of Shiba Inu tokens has increased by over 1.5 million percent in the last 24 hours, eliminating approximately 8.348 billion SHIB tokens from circulation. This is due to Shibarium’s token-burning protocol, marking a significant moment for the ecosystem.
- Directional Movement Index: A bullish crossover between the DI+ and DI- lines indicates an ongoing recovery trend for SHIB.
- Exponential Moving Averages: The SHIB price is above daily EMAs (20, 50, 100, and 200), reinforcing positive sentiment.
Hot Take: SHIB Price Surges as Token-Burning Intensifies
The recent surge in the price of Shiba Inu (SHIB) can be attributed to its vigorous token-burning actions and increased transactions on Shibarium. Breaking a long-standing resistance trendline, SHIB has shown potential for further growth. With a high trading volume and positive market sentiment, SHIB could rally even higher if it maintains its newfound support. Additionally, the skyrocketing token burn rate signifies a significant moment for the ecosystem, highlighting the demand for SHIB tokens. As investors continue to show interest in meme cryptocurrencies, SHIB’s upward trajectory is likely to continue.
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