SHIB fails to reclaim $0.00000650 despite 68M tokens burned in 24 hours
SHIB jumps 2.7% on a 24h burn spike. Price holds near $0.0000061 as traders test resistance.
The community burned over 68M SHIB in 24 hours, lifting the burn rate, per the Shibburn tracker. Source: Shibburn dashboard.
Supply remains massive. Circulating SHIB still exceeds 585T, muting the impact of daily burns. Source: Shibburn.
Price action tracks the data. SHIB trades around $0.0000061, up ~2.7% on the day. Source: TradingView SHIB/USDT.
Key levels and signals:
- Resistance $0.00000650
- Support $0.00000545
- Local low $0.000005655
- RSI 43.60
- Below 50-day MA
All from the current chart. Source: TradingView.
A trader flags a tightening falling wedge on the weekly chart. Breakout risk in play. Source: @army_shiba.
History cautions against burn-chasing. Past burn rate spikes did not consistently drive rallies, even with sharp percentage surges. Source: Shibburn.
For now, the market is weighing whether burn momentum can overcome the broader bearish structure.
