As the Bitcoin price climbed back to the $46,000 level, a broad recovery trend was observed across most of the leading cryptocurrencies, including Shiba Inu. On February 5th, the Shiba Inu price bounced back from its local support level at $0.0000085, marking a 6% increase to reach a current trading price of $0.0000093. This surge successfully broke through the critical resistance trendline that had previously guided the coin’s correction phase, signaling a potential onset of recovery.

Also Read: SHIB, BONE, & LEASH Prices Jump Amid WoofSwap’s Shibmap Bridging Plan

Key Resistance Breakout Set SHIB Price Rally to $0.00001

The year 2024 has started on a bearish note for Shiba Inu, with the meme coin following a downward trajectory, pressured by a resistant trendline. From its last peak at $0.00001195, SHIB experienced a 30% decline, reaching a low of $0.00000827. 

However, a recent shift in the crypto market’s momentum has sparked a notable recovery for Shiba Inu, breaking above the critical resistance trendline and signaling a potential change in market dynamics.

This breakout, supported by bullish candle formations, underscores a growing optimism among investors for further gains. Should the upward trend continue, SHIB’s price is poised to climb to $0.00000986 and potentially reach $0.0000105, marking a potential increase of 12%. 

Recent figures from Shibburn, a platform monitoring the burning of SHIB tokens, reveal a 127.41% jump in SHIB incineration, with an impressive 21 million SHIB tokens destroyed in the last 24 hours. This burn activity should assist the community in reducing the asset’s total supply and simultaneously drive demand.

In the past 24 hours, there have been a total of 1,001,275 $SHIB tokens burned and 2 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/RdZDdyug5M

— Shibburn (@shibburn) February 10, 2024

Also Read: Shiba Inu Coins: BONE, LEASH, & SHIB Prices Rallying Today, Here’s Why

Will Shiba Inu Price Fall Back to $0.0000085?

If Shiba Inu struggles to sustain this bullish momentum, a pullback could see its value retract by 6.5% to a significant support level at $0.0000085. This support line, active for almost four months, could serve as a pivotal buying opportunity for traders looking to capitalize on SHIB at a lower entry point. As long as this dynamic support remains unbreached, Shiba Inu’s price is likely to be cushioned against a severe drop.

Bollinger Band: A downswing in the upper boundary of the Bollinger band indicator reflects the overhead supply pressure is intact.
Average Directional Index: The falling ADX slope at 23% reflects the weakening of bearish momentum.

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The post Shiba Inu Price Soars as Surge in Burn Rate Sparks Rally To $0.00001 appeared first on CoinGape.

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