The cryptocurrency sector is currently witnessing a rise in the market value of Shiba Inu (SHIB), a meme coin that has caught the attention of investors and traders. Technical indicators are pointing towards a bullish trend for the cryptocurrency, with the past 24 hours seeing an impressive increase of over 2%, resulting in SHIB trading at a value of $0.00002618.
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The latest surge in SHIB’s value can be attributed to the notable increase in its burn rate. In the last 24 hours, the burn rate has skyrocketed by around 2200%, resulting in the elimination of 1.84 million SHIB tokens from circulation. This remarkable surge in the burn rate has generated enthusiasm among investors and traders alike, leading to a positive market sentiment for the cryptocurrency.
Technical analysis of SHIB’s value reveals promising indicators. The RSI stands at a balanced 53, indicating a neutral trend, while the ADX stands at 23.54, highlighting the robustness of the current trend. Furthermore, the MACD signals a bullish phase, with the MACD line surpassing the signal line. The expanding histogram and green candlestick on the chart further affirm positive market sentiment for SHIB in the short term.
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Currently, SHIB’s price is facing resistance at $0.000027, but the cryptocurrency has the potential to break through and reach $0.00005, setting a trajectory toward the sought-after $0.001 mark. However, a decline could bring its value down to support levels at $0.000026 or even $0.000025. Increased selling pressure might push its value below $0.000009, indicating a bearish trend for the meme coin.