The bears seemed halting in the Shiba Inu [SHIB] market. The meme coin recorded an 18% drop over the last few days and a staggering 9.31% decline over the last 24 hours. At press time, SHIB was trading as low as $0.00001787. The asset lost a major level of support at $0.00002. While the meme coin is enduring a setback, an analyst who goes by Sam_TCR restored hope in the SHIB market.
The analyst sees $0.00002320 as an important resistance level. If Shiba Inu manages to pass this barrier, it might jump to $0.0000255 and reach a peak of $0.0001. But if things go wrong despite these conditions, SHIB can fall up to $0.00002. This is provided the sellers quit the area between $0.000022. This would set off bearish momentum, pushing SHIB further down.
Also Read: Shiba Inu: When Will SHIB Recover in Price?
In addition, the analyst used technical indicators and noted that the Relative Strength Index [RSI] was seeing a balance at 40 medians. But the MACD line moved below the signal line into a bearish crossover. All of this was seen on the daily chart of SHIB.
Can Increased Burn Rate Boost SHIB’s Value?
Shiba Inu’s burn rate has been recording on a notable rise. The network recorded a 12,000% increase. A whopping 5.1 million SHIB was sent to a dead wallet and was the largest single transaction that took place on June 17. Currently, the burn rate of the meme coin saw a 24% rise over the past 24 hours. A total of 12,955,750 SHIB tokens were removed from circulation.
Shiba Inu has been reducing its supply by burning off its tokens. This means that a number of these assets are being sent to a null address. Through this, the network will create scarcity in hopes of pushing its price.
Also Read: Shiba Inu Slated to Achieve $1 Trillion Market Cap