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Shiba Inu the popular meme crypto has experienced a price recovery and burn rate increase in the past 24 hours after the market crash. As of the latest data SHIB is trading at $0.00001352 marking a 13.63% increase in the last 24 hours. This price movement has propelled SHIB to the 13th position in the crypto market rankings with a market cap of $7.9 billion.
The 24-hour trading volume for SHIB has also seen a great increase of 15.97% reaching $763 million as of writing. This surge in trading activity coincides with a broader market recovery led by Bitcoin, the king crypto.
One of the most notable developments is the increase in the SHIB burn rate. Token burning is a process where coins are permanently removed from circulation, potentially increasing the value of remaining tokens by reducing supply.
Despite the increase in the burn rate lately, the actual number of tokens burned remains relatively low. However, this significant jump in burn activity has caught the attention of the Shiba Inu community.
Shiba Inu, currently the second-largest meme-based cryptocurrency by market cap, has grown significantly since its inception. What started as a decentralized meme coin has evolved into a project with a vibrant community of millions of supporters and investors.
Looking at the technicals, SHIB's price action has been bearish lately. After reaching a high of 0.00004575 on March 5th the price experienced a substantial decline. However, the recent market crash saw SHIB finding support at a crucial level which appears to be a retest of a previously established pattern.
For over two months SHIB price has been confined within a bullish pennant formation. This pattern often precedes a significant price movement and current indicators suggest that SHIB might be gearing up for an upward breakout.
The immediate target for SHIB lies at 0.00002021 which represents a double resistance level - both a horizontal resistance and the resistance level of the bullish pennant. If SHIB can break above this level it would confirm the bullish trend and pave the way for further gains.
Some prominent analysts are even more optimistic, projecting a potential price range of $0.0001 to $0.0002 based on complex Elliott Wave pattern analysis. If the current bullish momentum persists and SHIB manages to break through the pennant resistance, it could potentially surpass its previous high of 0.00004575
Supporting this bullish outlook is the SHIB Long/Short Ratio chart which shows strong spikes from accumulated long positions over the last 24 hours. This indicates that many traders are buying SHIB during the recent dip potentially setting the stage for a significant price recovery.
As we move into August all eyes will be on SHIB to see how high it can surge. While predictions vary, the current technical indicators and market sentiment suggest that SHIB could be on the verge of a substantial price movement.
