As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless market cycles and trends. The recent surge in Shiba Inu (SHIB) is indeed intriguing, especially considering its dog-themed cryptocurrency status that initially seemed like a passing fad. However, the impressive 1,009% increase in its burn rate over the past 24 hours is undeniably noteworthy.
The popular dog-themed digital currency, Shiba Inu (SHIB), is witnessing a significant jump in its destruction rate, spiking by an astounding 1,009% due to a substantial increase in its market value.
As reported by the Shibburn X tracker, approximately 11,899,510 SHIB coins were destroyed over the past day, marking a staggering increase of over 1000%. This significant rise in token burning coincides with a favorable trend in the market for Shiba Inu, resulting in an upward price movement.
On the weekender’s trading, Shiba Inu coin reached a price point of $0.000014, mirroring Bitcoin and the broader cryptocurrency market’s continued recovery from their previous slump.
On Friday, Bitcoin’s price spiked to an impressive $60,770, marking its peak since early September. This surge in value was fueled by investor optimism that the upcoming Federal Reserve meeting could potentially announce a substantial interest rate adjustment.
SHIB price action
At the time of writing, SHIB was up 1% in the last 24 hours to $0.0000137 and up 6% weekly.
Since September 6th, Shiba Inu has been on an upward trend for six out of seven consecutive days, with prices increasing, before encountering a resistance level near $0.000014.
At present, investors are making an effort to drive up Shiba Inu‘s price beyond the daily Simple Moving Average (SMA) 50, which stands at $0.000014. This struggle has persisted since yesterday, however, sellers have remained persistent in their resistance.
Looking on the positive side, a clear jump above the significant resistance at the daily Simple Moving Average 50 (SMA 50) at $0.000014 could be an important indicator to keep an eye on. If buyers manage to exceed this barrier, Shiba Inu (SHIB) might start gaining momentum and potentially rise to $0.000016.
Although bears might attempt to halt the current uptrend here, it’s predicted that this resistance will be overcome. If successful, Shiba Inu could potentially target the $0.000021 level based on the daily Simple Moving Average 200. This level is slightly higher than the $0.00003 level.
Conversely, the bears could try to boost their control by pushing Shiba Inu (SHIB) prices down below the $0.000013 support line. If they are successful, this would suggest that the bears have returned, causing SHIB to potentially drop to $0.000011 and possibly even $0.000010.
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2024-09-14 19:47