Shiba Inu recently experienced a huge surge in its burn rate, which could potentially provide a much-needed boost to its price. This sudden increase in burn rate has caught the attention of many in the crypto community.
Currently, Shiba Inu is experiencing a notable increase of 150% in its burn rate, which is attracting attention in the crypto community. It’s important to note that the burn rate can change quickly and unpredictably, meaning the value you see now may differ from what it was just an hour ago.
Limited Impact of Increased Burn Rate on SHIB Price
Despite a significant surge in Shiba Inu’s burn rate, the token’s price has shown little reaction to this development. Despite the considerable activity in burn transactions, with millions of tokens transferred to inactive wallets, the market response in terms of price movement has been muted.
SHIB/USDT chart by TradingView
Analyzing the SHIB price chart reveals key resistance and support levels that shed light on the current market dynamics. The token has encountered resistance around the $0.00000971 mark, failing to break through decisively. Conversely, it has found support near $0.00000899, providing some stability during recent trading sessions.
Analyzing SHIB Price Trends: Moving Averages and RSI Insights
A closer look at the chart indicators reveals crucial insights into Shiba Inu’s price trends. The 50-day moving average (MA) and the 200-day MA, represented by the black line, play a significant role in assessing the trend. Currently, the price sits between these two MAs, suggesting a period of consolidation without a clear directional trend.
Additionally, the Relative Strength Index (RSI), hovering around the 44.46 mark, indicates that SHIB is neither overbought nor oversold. This suggests that there are currently no immediate signals for a price breakout or breakdown, adding to the uncertainty surrounding SHIB’s short-term price movement.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
