Can Shiba Inu (SHIB) Signal a Bullish Move on the Charts This Week?

• SHIB has declined by 4.35%, over the past 24 hours.
• The burn rate of SHIB has dropped by 89.70%, a total of 532,258 tokens were burnt.

The start of this week was bearish as the tokens were grappling to recover from their recent lows. Along with the meme coin market is priced in red, and some meme coins are recovering. Among them, the dog-themed meme coin, Shiba Inu (SHIB), has lost over 4.35% over the past 24 hours. 

SHIB appears to approach a crucial threshold, with the potential to decline further. Notably, in the early hours, the meme coin traded at $0.00001858. It eventually began to slide to the current price levels. At press time, the meme coin traded at $0.00001744, with the trading volume staying at around $462 million, according to CMC data. 

However, SHIB’s burn rate has been displaying a decline of over 89.70% in the past 24 hours; approximately 532,258 SHIB tokens have been burned, as per the data. While the weekly burn rate was down by 99.15%. To date, the Shiba Inu ecosystem has burned a total of 410.73 trillion SHIB, leaving over 583.51 trillion SHIB in circulation. 

Will SHIB Continue Underperforming? 

SHIB has registered upward momentum over the last thirty days, with a 33.44% increase. Whereas, the past week was priced in red, dropped by 6.55%, and the asset started trading at $0.00001849. Eventually, the token’s price fell sharply to a low of $0.00001556. 

The four-hour technical chart of SHIB displays the daily relative strength index (RSI) positioned above 45, entering into the neutral sentiment. Moreover, the asset’s short-term 9-day and long-term 21-day moving averages are noted at $0.00001734 and $0.00001532, respectively. 

Besides, the Chaikin Money Flow (CMF) indicator stays at -0.10, which indicates the decreased money flow with selling pressure. Whereas the daily trading volume has declined by 12.90%. 

If the bullish conditions arrive in the market, SHIB’s price could likely rally to $0.00001927. It could rise further if the momentum persists. However, if the asset’s price attempts a reversal on the support side, the major support zone might be at $0.00001554.

Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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