- Shiba Inu’s price surged by 30% from the $0.00002366 support level, hitting $0.0000308.
- The $0.00002366 support level stabilized Shiba Inu amid market volatility.
- With a 27% increase in burn rate, approximately 27 million SHIB tokens were sent to an unspendable wallet in the last 24 hours.
Shiba Inu (SHIB) has experienced a substantial 30% increase, soaring from its support level of $0.00002366 to hit $0.0000308 at the latest recording. Within 24 hours, it exhibited a 12% uptick and an astounding surge in trading volume, which skyrocketed by 186% to reach $2.16 billion.
After navigating through the recent market tumult, Shiba Inu discovered a robust support zone at the $0.00002366 level, buoyed by the steadfast presence of the 200-day EMA. This stronghold not only instilled newfound stability but also presented enticing buying opportunities for investors keen on navigating market pressures.
The resurgence of SHIB came in tandem with Bitcoin’s resurgence, as the pioneer cryptocurrency breached the $70,000 mark on Monday. Notably, the SuperTrend indicator, having traced a downtrend since March 5, when SHIB reached $0.00004563, recently hinted at a reversal, aligning with SHIB’s price trajectory.
To solidify this upward momentum, investors are eyeing sustained closures of four-hour candles above the $0.00003 level, paving the path for SHIB to reclaim its March high and potentially aim for the coveted milestone of $0.0001. This critical phase for SHIB hinges on its ability to retest the $0.00003 level and surpass the resistance at $0.000035.
Moreover, within the past 24 hours, the burn rate of SHIB has surged by 27%, with approximately 27 million SHIB tokens being sent to an unspendable wallet. This increase in burn rate has the potential to reshape demand-supply dynamics, easing selling pressure and paving the way for further price escalation.
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