Shiba Inu Coin price prediction: SHIB, a popular meme coin, has seen a notable increase in its value over the past 24 hours, with a 2.97% rise in price. Currently trading at $0.00002341, the SHIB price boasts a market capitalization of $13.79 billion, placing it as the 11th largest coin in terms of market cap. Over the past day, the trading volume has also grown by 1.79%, totaling $379.74 million.

Shiba Inu Coin Price Prediction: Potential Rise as Market Stabilizes

Shiba Inu Coin has shown considerable resilience and a robust recovery in recent hours. This increase comes after a series of declines earlier today, catching the attention of investors and analysts alike. Over the past week, SHIB recorded a slight rise of over 3%, with prices oscillating between $0.0000224 and $0.0000261. 

Despite a 14% decrease over the last month due to market corrections, the current surge in its value suggests a growing optimism among investors, potentially marking a transition from bearish to more bullish market conditions. This change in sentiment could signal a shift in investor confidence, heralding a new phase for the cryptocurrency.

Shiba Inu Coin Price Prediction

In recent news, the meme cryptocurrency Shiba Inu has captured attention with a significant increase in its burn rate, soaring by over 5500%. According to Shib burn, approximately 26 million SHIB tokens were removed from circulation yesterday. This action has injected optimism into the market for this dog-themed cryptocurrency. 

Shiba Inu’s Impressive Burn Rate Fuels Market Optimism

The impressive 5564.09% rise in the burn rate, which saw 25.93 million SHIB tokens destroyed, signals a positive outlook. Market spectators anticipate that the decrease in total supply may lead to an uptick in SHIB’s value. This recent development brings a hopeful perspective to Shiba Inu holders and investors.

If the market recovery persists, the meme cryptocurrency could surpass the $0.000025 mark, potentially elevating its price to $0.00003. This increase might pave the way for it to reach the $0.00003 level. With continued bullish pressure, SHIB might climb to $0.00005 by the end of April.

Conversely, a market downturn could drag SHIB down to the support level of $0.000023. A shift to negative market sentiment could further reduce its value to $0.000022. A surge in bearish activity could confirm a descending trend in its price.

Technical Indicators Suggest a Steady Path for SHIB

The four-hour technical indicators for meme-coins reflect a period of relative stability in price movement. The Moving Average Convergence Divergence (MACD) line is nearly flat, indicating a lack of significant momentum in either direction. The Relative Strength Index (RSI) hovers around 49.77, suggesting a balanced market condition without clear overbought or oversold signals. 

Shiba Inu Coin Price Prediction| Source: Tradingview

The Bollinger Bands on the 4-hour chart of Shiba Inu indicate a period of consolidation. The upper Bollinger Band is currently at $0.00002391, while the lower band is at $0.00002233. This narrow band range suggests low volatility, with the price mainly fluctuating between these values over the observed period.

The post SHIB Price Prediction as Burn Rate Soars, Is Shiba Inu Coin Poised For $0.00003? appeared first on CoinGape.

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