Shiba Inu (SHIB) has seen a price increase as predicted by Cryptotale earlier. The weekly candlestick chart for SHIB/USDT on Binance shows important levels and points of interest. Hence, traders are attentively observing to see if SHIB will reach its next major point of interest (POI).
Break of Structure
In 2024, the chart of SHIB displays a break of structure (BOS) at the beginning. This represented a change from a downslope to a consolidation phase. The support line is a dotted trendline created from late 2023 until early 2024. Up until the most recent retracing, this trendline matched historical low points and steered positive momentum.
Further, the chart highlighted important zones of interest and areas of buying and selling pressure. The demand point of interest (POI) is close to 0.00001200. This zone has constantly drawn purchases, causing price swings.
In contrast, the top Supply POI of SHIB falls between 0.00002400 to 0.00003000. When selling pressure from previous price increases stopped, this zone reflected a resistance zone. SHIB was trading at $0.00001954 during the time of press, displaying a 35% weekly rise. This indicates increasing momentum, but the price is almost at crucial resistance.
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Major SHIB Burn Sparks Attention
The Shiba Inu community also saw a significant burn event recently. Over 1.8 billion SHIB coins worth $35,643 were burnt from a dead address. This is the biggest burn event witnessed in months, as indexed by Shibburn. It has drawn attention due to its timing and scale. The reduction of tokens in circulation could affect SHIB’s market dynamics, potentially influencing supply and price action.
Along with substantial market swings, SHIB’s current spike, combined with large token burns, is causing a frenzy. Traders observe the market to predict what might happen next as SHIB approaches important resistance levels.
