- SHIB’s RSI at 48.14 nears bullish levels; a move above 50 could confirm momentum, with resistance at 0.00001350 and 0.00001500.
- A surge in SHIB burn rate with 1B+ SHIB burned reduces supply, potentially fueling price increases toward 0.00001544 if demand rises.
- MACD hints at a bullish crossover; increased volume could push SHIB past 0.00001350, targeting 0.00001500 or higher if sustained.
Shiba Inu (SHIB) is showing signs of potential bullish movement as the market rebounds. According to analyst SHIB KNIGHT, the market is recovering and SHIB is looking good. The token’s price has seen an uptick, with technical indicators suggesting a possible breakout. If SHIB sustains momentum, it could push toward higher resistance levels.
SHIB Price Action and Key Levels to Watch
SHIB is trading at 0.00001313, a 1.39% increase in the last 24 hours. The price range for the day has a low of 0.00001277 and a high of 0.00001320.
Immediate resistance is at 0.00001350, while major resistance is at 0.00001500. On the downside, immediate support is at 0.00001277, with major support near 0.00001200.
SHIB KNIGHT projects a price movement of 0.00000239, a 18.24% increase, suggesting bullish potential toward 0.00001544. If SHIB surpasses this level, it may test 0.00001600 and beyond. However, failure to maintain support could lead to a decline toward 0.00001200.
Technical Indicators Signal Possible Breakout
The RSI is at 48.14, below the neutral 50 level. However, the signal line at 42.79 suggests that if RSI moves above 50, bullish momentum could strengthen. A rise beyond 60 would confirm an upward trend.
The MACD indicator is also hinting at a potential bullish crossover. The MACD line is at 0.00000020, while the signal line is at 0.00000041. The histogram remains negative at -0.00000061, but a shift to a positive value could indicate an upward price trend.
Trading volume has reached 438.2 billion SHIB, indicating moderate market activity. If volume increases, it could reinforce bullish momentum and aid a breakout past key resistance levels.
SHIB Burn Rate Sees Massive Surge
Shibburn data shows that 23,003,476 SHIB was transferred to a dead wallet, reducing the circulating supply. Over the past 24 hours, 1,002,950,045 SHIB was burned, an 8,089.29% increase.
Over the past seven days, 1,076,437,383 SHIB was removed from circulation, representing a 103.92% rise. In the latest hourly update, the market cap is at $7.77 billion, up 1.73%. If SHIB breaks 0.00001350 with strong volume, it could test 0.00001400.
A further breakout could push prices toward 0.00001500, indicating a potential 15% gain. However, if SHIB fails to hold 0.00001277, it may decline to 0.00001250, with further downside possible toward 0.00001200, a 9% drop.
