Shiba Inu (SHIB) Burn Rate Drops 42% Amid Price Pressure
Shiba Inu (SHIB) is experiencing a 42% decrease in its burn rate, with only 9,700,878 SHIB tokens burned in the last 24 hours. The total burnt now stands at 410.7 trillion tokens.
This decline in burn rate suggests a slower reduction in supply, which may impact scarcity and value negatively. Recently, SHIB rose from $0.00001082 to $0.0000138, a 26% increase, but the price has since declined.
SHIB Price Outlook
- Over the past month, SHIB's value has decreased by 20%.
- The token is approaching key support levels: $0.0000115 and $0.00000815.
- Current trading price is $0.00001261, down 0.5% in the last 24 hours.
- The RSI is at 41, indicating potential for further downside.
- The price is near the lower Bollinger Band, suggesting increased selling pressure.
- The MACD shows bearish signals, with resistance at $0.0000138 being critical.
- A Falling Wedge pattern on the hourly chart indicates a possible bullish reversal.
- Current trading volume has dropped by 34%, now at $132 million.
- If support at $0.0000115 fails, next support level is $0.00000815.
If SHIB can maintain support, a retest of $0.0000138 is feasible, but will require increased buying volume to overcome resistance.