- SHIB has plunged by 6%, over the past 24 hours.
- The burn rate of SHIB has soared by 254,078% with 5.63 billion tokens burned over the day.
The cryptocurrency market has faced a pullback over the past 24 hours, with its market cap plummeting by over3.60% to $2.33 trillion. The largest asset, Bitcoin, which traded above $72.5K, has slipped to $69K. The bearish sentiment affected all the major assets in the market.
The dog-themed meme coin Shiba Inu (SHIB) is one of the losers. Its price has steadily plunged by 6% on a daily scale. It’s crucial to note the burn rate of Shiba Inu surged around 254,078% over the day. Notably, the spike is observed as 5.63 billion tokens were burned.
To date, the Shiba Inu ecosystem has burned a total of 410.73 trillion SHIB, leaving over 583.59 trillion SHIB in circulation. This surge in burn rate has brought in an expectation over SHIB’s price, as it likely indicates a price rally.
Notably, SHIB appears to be at a critical threshold. In the morning hours, the meme coin traded at a high of $0.00001913, and it began to slide to the current price levels.
At press time, SHIB traded at $0.00001742, with the trading volume staying at around $508 million, according to CMC data. Moreover, the market observed a liquidation of $1.45 million worth of Shiba Inu during this timeframe.
Where is SHIB’s Price Headed Next?
Technical analysis of the SHIB/USDT trading pair indicates the bearish sentiment. The chart displays the daily relative strength index (RSI) positioned at 37.95, suggesting the weakness of the asset. Moreover, the asset’s short-term 9-day MA is situated below the long-term 21-day MA.
The Moving Average Convergence Divergence (MACD) line sits below the signal line, highlighting the ongoing negative outlook, which might lead to the incoming bear run.
Besides, the Chaikin Money Flow (CMF) indicator stays at -0.31, which suggests the decreased money flow with selling pressure. While the daily trading volume has increased by over 59%.
If the bullish sentiment revives, SHIB’s price could likely rally to $0.00001879. It might further rise if the upward momentum persists. However, if the asset’s price attempts a reversal on the support side, the immediate support zone might be at $0.00001639.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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