Shiba Inu (SHIB) price is consolidating following a recent crypto market correction, but analysts detect early signs of a rebound. With the SHIB burn rate skyrocketing over 5,000%, market sentiment hints at a potential bullish trend. Key support levels are holding firm, and if buying pressure escalates, SHIB could target $0.00047.
Shiba Inu Price Analysis: Is a Rally to $0.00047 Imminent?
Crypto analysts are eyeing a potential SHIB price rally, citing bullish technical indicators. Key price targets include:
– Short-term: $0.000085171
– Mid-term: $0.000183312
– Long-term: $0.000472905
As Bitcoin’s market dominance wanes, altcoins like SHIB may gain traction. The current technical outlook reveals:
– Strong support at $0.00001
– Resistance levels at $0.00001405, $0.000016, and $0.000018
👉 Discover how token burns could reshape SHIB’s future
SHIB Burn Rate Explodes: 5,400% Spike in 24 Hours
The Shiba Inu community has intensified token burns, removing 26,355,678 SHIB from circulation in a single day—a 5,440% surge. This deflationary mechanism:
1. Reduces supply by sending tokens to irrecoverable wallets.
2. Enhances scarcity, potentially boosting token value.
Higher burn rates often correlate with increased network activity, signaling growing investor confidence.
Technical Indicators Show Cautious Optimism
As of latest data:
– Current price: $0.00001310 (+0.08% in 24h)
– MACD: Slight bullish crossover
– RSI: 42 (recovering from oversold conditions)
Critical levels to watch:
| Support | Resistance |
|—————-|——————|
| $0.00001 | $0.00001405 |
| | $0.000016 |
| | $0.000018 |
A breakout above $0.000015 could propel SHIB toward higher targets, while rejection may retest $0.000012.
Frequently Asked Questions (FAQs)
What does the SHIB burn rate mean?
The burn rate measures how many SHIB tokens are permanently removed from circulation, increasing scarcity. Recent burns spiked 5,400% in 24 hours.