In the past 24 hours, Shiba Inu has experienced a sharp 4.53% drop, mirroring a broader market downturn where meme coins averaged a 3.7% decrease. Interestingly, Shiba Inu’s burn rate has skyrocketed nearly 4,000%, drawing considerable attention.
While today’s setback slightly overshadows Dogecoin’s impressive 15.75% gain since last Friday, it aligns with the positive trend observed in other altcoins.
Despite this recent progress, Shiba Inu still needs to recover from the 27.09% decline over the past month. However, it continues to boast an impressive annual gain of 99.82%.
These dramatic market shifts have reignited trader interest in Shiba Inu, with its trading volume surging by 22.09% to $234.64 million in just one day.
Shiba Inu Price Bounces From Key Support – Gains Ahead?
A closer look at Shiba Inu price charts presents some upside potential in the near term.
Most significantly, the Shiba Inu price appears to have successfully retested significant support at the $0.00001594 support level. This demonstrates Shiba Inu’s resilience, it remains grounded within its consolidation.
Over the past 5 days, the Shiba Inu price has been ranging between support at $0.00001701 and resistance at £0.00001574.
Notably, Shiba Inu’s relative strength index (purple) currently lies within oversold territory at 30. Therefore, it would be reasonable to expect a correction as the price swings to reach more neutral territory – as common with times of consolidation.
While these indicators set a good precedent for near-term price action, wider trends will provide the best insight into where the price is headed.
Significantly, the 200DMA (blue) seems to have mirrored the 30DMA (yellow) in its sideways trend. This is notable as it represents a cooldown from the negative price action in recent weeks.
This renewed stability may be attributed to the recent burn of over 71.18 million coins in the past 24 hours, causing the burn rate to skyrocket by 3988.31%, according to data from tracker Shibburn.
This is significant as it increases the scarcity of Shiba Inu, potentially reflecting a price increase as the coins become more valuable. Therefore, it sets a good precedent for the meme coin’s future market dynamics.
Additionally, rumors of a Shiba Inu Spot Exchange Traded Fund (ETF) have also contributed to raised interest in Shiba Inu.
New SHIB Token Could Rise Higher
Despite these factors, they do not set any substantial precedence for Shiba Inu in the near term. Therefore, it is understandable why traders are diversifying into newer, more promising opportunities.
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This presents an appealing prospect for those looking to maximize their investment. Even amidst broader market retracements
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