SHiba Inu price prediction: The meme coin hype has gone down significantly over the last few weeks, with Shiba Inu (SHIB) and Dogecoin (DOGE) the two leading crypto assets with respect to market capitalization in this category staying relatively stable.

Most investors are currently concerned about the potential approval of Bitcoin spot exchange-fund (ETF) which would user in a new era for the crypto industry.

In the meantime, investors can still take advantage of potential price swings among key tokens like SHIB, trading at $0.0000834 at the time of writing on Monday during US business hours.

CoinMarketCap shows Shiba Inu price has barely changed in the last 24 hours. Intriguingly, trading volume across exchanges increased by 88% to $200 million. SHIB ranks #18 among other cryptos, excluding stablecoins.

Shiba Inu Price Uptrend Weakens As Burn Rate Soars

Shiba Inu is holding below two key indicators forming a confluence resistance at $0.0000083. These are the 50 Exponential Moving Average (EMA) (red) and the 100-day EMA (blue).

The path with the least resistance is leaning significantly to the downside, accentuated by a sell signal from the Moving Average Convergence Divergence (MACD) indicator.

As long as the blue MACD line holds below the red signal line, bears are bound to hold the reins longer. The momentum indicator has to keep trending downwards to uphold the bearish thesis.

Shiba Inu price prediction daily chart |Tradingview

Dips could prove profitable if Shiba Inu price can bounce off higher support areas, including 200-day EMA (purple) and the solid buyer congestion zone at $0.000008.

Investors should consider buying the dips because bull runs also have pullbacks. Price corrections are necessary for the continuation of the uptrend. They allow previously sidelined investors to seek exposure to the token, thus creating the momentum for the next breakout.

Therefore, the ongoing correction could usher in a spectacular rally in Shiba Inu price—one that could blast the meme coin above $0.00001.

Investors could also consider buying SHIB based on key fundamentals like the dramatic increase in the token burn rate, which hit over 444,000% on Monday.

The token burn program is a strategy to reduce the available supply of crypto. It allows the burning of transaction fees and proceeds from specialized activities within the ecosystem.

Shiba Inu burn rate

Shiba Inu is among the crypto projects with the highest supply. It has over 589 trillion SHIB in total supply, considering that 410 trillion has been obliterated from the supply so far.

Reducing Shiba Inu’s supply is paramount to enhancing its value in the future, especially if investors are looking forward to highs above $1.

Related Articles

Binance Labs Fuels Web3 Education Revolution With Strategic Investment
Why Is Luna Classic (LUNC) Price Skyrocketing Today?
BLUR Price Slips As Whales Move 7 Mln BLUR To Binance & OKX

The post Shiba Inu Price Prediction As Burn Rate Surges 442x, $1 SHIB Incoming? appeared first on CoinGape.

---

Filed under: News - @ November 27, 2023 1:22 pm