SHIB Price Analysis: SHIB  has recently experienced a notable increase in its market value, rising by more than 8% over the past 24 hours. This uptick highlights the growing enthusiasm and trust that investors and traders have in meme coins. Currently, the Shiba Inu Coin price stands at $0.00002474, showing a positive trend towards recovery. 

Shiba Inu Coin Price Forecast: Approaching Critical Resistance Level

Shiba Inu Coin, spurred by the popular meme coin trend, has recently rallied, showcasing significant resilience. Following an earlier downturn, this quick recovery has caught the attention of both investors and market observers, signaling a noteworthy shift in momentum.

SHIB Price Forecast

Shiba Inu Coin has escalated to the 11th position in the cryptocurrency market capitalization rankings. Now valued at $13.4 billion, its trading activity has surged. Over the past day, the volume surged by 10%, hitting $574 million.

Over recent days and weeks, the Shiba Inu cryptocurrency has seen little price movement. This trend of stagnation occurs at a significant moment for the currency. In the last month, Shiba Inu’s value dipped by 7% following notable pullbacks. Despite these setbacks, the digital coin is currently on a path to recovery, potentially setting the stage for future gains.

Investor Sentiment High as Burn Rate Soars

According to recent data from Shibburn, the burn rate of Shiba Inu has seen a dramatic increase of 1009% over the last day, resulting in 29.11 million SHIB being removed from circulation. This sharp rise in the burning of tokens, a strategy aimed at improving the financial dynamics of SHIB, has effectively reduced the cryptocurrency’s available market supply. 

As the burn rate soared, SHIB price also climbed, mirroring broader market movements. This significant uptick has attracted considerable attention from investors, sparking lively discussions and optimistic forecasts about Shiba Inu’s potential future pricing.

Technical Indicators Suggest Shows a Bullish Momentum for SHIB

The meme coin SHIB is currently facing a pivotal moment at the resistance mark of $0.00002477. If it surpasses this point, its value could rise to $0.000025, potentially triggering an upsurge towards $0.00003. 

Conversely, if SHIB’s price fails to break through, it might retreat to $0.000024. A negative turn in market sentiment could even plummet to $0.00002, or worse, below $0.00001, indicating a tough period ahead for the cryptocurrency.

The 4-hour market analysis reveals a positive trajectory for Shiba Inu as it begins to recover. The Relative Strength Index (RSI) remains steady at 65. Additionally, the Average Directional Index (ADX) is measured at 30, indicating the emergence of a slightly bullish trend.

SHIB Price Forecast| Source: Tradingview

The Moving Average Convergence Divergence (MACD) for Shiba Inu has increased after a recent surge. The MACD line rallying above the signal line suggests a potential shift toward bullish momentum in the near future.

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Filed under: News - @ January 1, 1970 12:00 am