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Shiba Inu is witnessing a substantial 150% surge in its burn rate, an event that remains a point of interest at the time of press. It is crucial to acknowledge that the burn rate percentage is inherently a dynamic value, subject to rapid and unpredictable changes, and the value you might see now will be different from the value an hour ago.
Despite this considerable increase in the burn rate, the price of SHIB appears to remain unaffected by this particular event. Specific data indicates that the burning of SHIB tokens has not translated into a significant price uptrend as one might anticipate.
The burn transactions have shown substantial activity, with millions of tokens being transferred to dead wallets in recent hours, yet the market response in terms of price action remains unenthusiastic.
As the SHIB price chart shows, we observe key resistance and support levels that are critical to understanding the current market behavior. The local resistance level can be identified at approximately $0.00000971, which the price has tested but not conclusively broken through. On the flip side, the token has found support at around the $0.00000899 mark, a level that has provided a degree of price stability during recent trading sessions.
A closer examination of the chart indicators provides additional data. The 50-day moving average and the 200-day MA, shown as the black line, are pivotal in analyzing the trend. At present, the price hovers between these two MAs, suggesting a consolidation phase without a clear directional trend.
Moreover, the RSI, hovering around the 44.46 mark, indicates that SHIB is neither overbought nor oversold, offering no immediate signals for a price breakout or breakdown.
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.
Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.
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