- Despite its 8.2% weekly rise SHIB continues to encounter substantial selling resistance that blocks it from breaking $0.00001328.
- The burn rate of SHIB increased by 470.93% during the previous week while market sentiment remains negative due to sell-off activity.
- SHIB is likely tol rise if it breaks above $0.00001328 but it may drop toward $0.00001200 if it fails.
The price of Shiba Inu has registered slight declines after hitting its lowest point when it dropped below $0.000011 last week. On March 18th, at press time, SHIB was trading at $0.00001264 4.7% decrease. However, the price is up by 8.2% over the past week.The ongoing selling pressure has pulled the market capitalization value down by 4.15% to $7.48 billion.
SHIB Burn Rate Surges, But Selling Pressure Persists
The total circulating supply remains significantly high at 589.25 trillion tokens, emphasizing the large volume of SHIB in the market. Over the last 24 hours the SHIB burned 16.78 million tokens representing a 26.26% increase in reduction activities. The total burned SHIB tokens have reached 541.97 million throughout the last 7 days while demonstrating a major 470.93% upward trend.
While BTC token burning has risen the market continues to struggle showing selling strength exceeds burned supply in this period. High burn rates show potential to stabilize market demand in the future.
Technical Indicators and Key Levels
SHIB holds its price range between $0.00001265 support and $0.00001328 resistance in the 24-hour hour period.A successful breakout above $0.00001328 may trigger additional bullish momentum that could push prices toward $0.00001350 and above. However, failure to surpass resistance may push SHIB prices toward the $0.00001230 to $0.00001200 range.
The present RSI reading stands at 57.32 indicating SHIB is in a neutral position. Both MACD and signal lines display minimal divergence as the MACD rests at -0.00000007 while the signal stands at 0.00000009.
The current weak momentum indicates a lack of decisive bearish or bullish control in the market. If the MACD crosses further into positive territory, it could indicate a potential uptrend; otherwise, a continued neutral or downward movement may follow.
Shiba Inu (SHIB) price prediction for March 19
Data from Coincodex show that SHIB will likely increase in price to trade at $ 0.00001298 with a 2.50% increase in Potential ROI.
