SHIB Price Shows Indicationsย of Recovery, Eyeing Breakout to $0.00001
The price of SHIB has started to recover, similar to other digitalย currencies, as Bitcoinย (BTC) regains support at $26,000. It has briefly reached $0.00000768, suggesting a positiveย trend outlook and theย capacity for a breakout to $0.00001. Nonetheless, the price has since entered a downtrend, seeking support at $0.00000750.
SHIB Price Struggles Amidst Increasing Shibaย Inuย (SHIB) Burn Rates
The Shibaย Inuย (SHIB) communityโs token burn program has burned 410 trillion tokens out of a maximum supply of 999 trillion. In the past 24 hours, 56,273,115 tokens were burned, a 40% increase. Shibaย Inuย (SHIB) asย ofย now has a total supply of 580 trillion tokens, with a circulating supply of the same amount.
Can SHIB Price Reverse the Trend?
Regardlessย of the launch of the Shibarium protocol, the SHIB price was not immune to the cryptocurrency sell-off in August. Growing issues with Shibarium after the mainnet launch likewise influenced the technical outlook. Nonetheless, the protocolโs growth is expected to benefit SHIB and other tokens in the ecologicalย system. Traders should keep an eye on the Moving Average Intersection Divergence (MACD) indicator for a probable trend reversal.
Hot Take: The success of the Shibarium protocol and the increasing burn rates of SHIB tokens could help SHIB price recover and potentially reach the target of $0.00001. Nonetheless, the market remains volatile, and investors should monitor the price closely.
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