- SHIB’s burn rate increased by 1000% in the last 24 hours.
- CMF shows positive inflows, indicating rising buying interest
Shiba Inu (SHIB) is currently trading at $0.00002028, marking a 1.34% gain in the past day. Shiba Inu’s burn rate skyrocketed by 1000% in the last 24 hours, reflecting a strong effort to reduce supply. The market capitalization stands at $11.95 billion, with a trading volume of $450.53 million up 42.29% in 24 hours.
The market cap ratio is at 3.76%, signaling decent activity in the market. The burn rate surge indicates a commitment to reducing SHIB’s circulating supply, which is currently 589.25 trillion. Higher trading volume shows increasing market activity, suggesting growing interest in the token.
Technical Indicators Show Mixed Momentum
The 4-hour chart for Shiba Inu reveals a critical battle between buyers and sellers. The RSI is at 46.86, indicating neutral momentum but leaning slightly toward the oversold zone. Its moving average (yellow line) at 41.19 confirms the same trend.
The Chaikin Money Flow (CMF) value stands at 0.16, suggesting positive inflows into SHIB. This uptick indicates accumulating interest, a positive signal for bulls. The moving average (MA) crossover indicates potential upward momentum. The short-term MA shows signs of aligning with the longer-term MA, implying bullish pressure if this trend continues.
The primary resistance for SHIB lies at $0.00002100. If bulls break this level, the price could test $0.00002250. On the downside, the support level sits at $0.00001950. A breakdown below this could push SHIB toward $0.00001880.
If the current trend strengthens, the price may climb beyond $0.00002150. Otherwise, it might consolidate in the $0.00001950-$0.00002050 range before determining direction.Investors should monitor the moving averages and CMF for clearer trends. However, resistance at $0.00002100 remains critical. Market participants should stay alert for trend confirmations through technical indicators.
