Shiba Inu (SHIB) has stood out with an impressive 12% price surge over the last day, as observed on the SHIB/USDT chart. The surge in SHIB's price coincides with a substantial increase in the burn rate volume, potentially marking the most significant burn of the year.
Technical analysis of SHIB's movement reveals an interesting development—there's a potential for a bullish Exponential Moving Average (EMA) cross, commonly referred to as the golden cross. This occurs when a shorter-term EMA, like the 50-day EMA, crosses above a longer-term EMA, such as the 200-day EMA. This crossover is considered a traditional indicator of strong bullish market sentiment. Should this golden cross materialise, it could trigger additional upward momentum for SHIB.
Navigating within an ascending channel, SHIB is finding steady support along the lower boundary. The recent peak establishes a foundation for potential resistance levels. Given the current bullish sentiment, the immediate target could be set at the recent high of 0.00001023 touched before the market-wide correction. A breach above this level might set SHIB on a trajectory to challenge the subsequent resistance, extrapolated from the height of previous significant price movements within the channel.
Crucial support levels need close monitoring. These include the lower trendline of the ascending channel and the 50-day EMA, both of which act as vital support zones. Sustaining levels above these points would affirm the positive trend, while a drop below might prompt a re-evaluation of bullish expectations. The recent surge in SHIB's burn rate, with an astronomical increase of over 7 million % in the last 24 hours, signifies a substantial reduction in supply that could significantly impact SHIB's price valuation.
The Shiba Inu community has been actively engaged in burning SHIB tokens, achieving remarkable results in the past week. In a single day, the burn rate skyrocketed by an astounding 7,686,774%, with 8.35 billion SHIB tokens incinerated. Notably, a single address, identified as Shiba-swap.eth or "Shiba Inu: Deployer 2," was responsible for the majority of the burns. This event incinerated over $74,000 worth of tokens, contributing to a total of over $75,000 burned. As Shytoshi Kusama said: “no burn, no bull run”.
Shiba Inu price remains at $0.00000993, coinciding with Shibarium's record-high daily transactions exceeding 32 million. The layer-two network has fuelled demand for SHIB, leading to a 21% increase in a week.
With a 12% surge in the past 24 hours, SHIB's rise to $0.00001 aligns with a more modest 4% market-wide gain. Despite modest year-to-date growth compared to major tokens, SHIB's recent performance positions it for vigorous growth in the coming weeks, especially with analysts anticipating a bull market in 2024.
Technical indicators signal increased buying pressure, and a rising 24-hour trading volume, now at $600 million, supports the notion of growing interest. Shiba Inu's recent developments, burn campaigns, and technical indicators paint a dynamic picture for the meme token. The intense burn rate, Shibarium's impact, and ongoing improvements in fundamentals position SHIB for potential growth. As it evolves beyond a mere meme token, with applications like ShibaSwap and the Shibarium layer-two network gaining traction, Shiba Inu's price could reach new heights within the 2024, aligning with positive sentiment and market expectations.