SHIB has taken the spotlight with a dramatic 6,223% surge in its burn rate and an impressive price recovery.
has taken the spotlight with a dramatic 6,223% surge in its burn rate and an impressive price recovery. At press time, SHIB was trading at $0.00002521, reflecting a 1.25% decline over the past day.
Despite this slight pullback, SHIB is poised near a critical resistance level, supported by compelling technical indicators and strong on-chain activity. The pressing question is whether SHIB can break through and sustain its upward momentum.Shiba Inu’s daily chart reveals a golden cross formation, where the 50-day moving average has crossed above the 200-day moving average. This bullish signal often predicts prolonged upward momentum.
Currently, SHIB faces a crucial resistance level at $0.00002275, which previously acted as a major support. Breaking above this zone could open the path to SHIB testing $0.00004, a level unseen since its earlier highs.The Relative Strength Index currently stands at 66.26, signaling robust buying activity. While this reflects optimism, traders should be cautious, as RSI nearing overbought levels can indicate a potential correction.Shiba Inu’s on-chain data reveals a striking 50.
However, traders should remain cautious as resistance levels and overbought RSI conditions might cause short-term hurdles. For now, Shiba Inu appears ready to sustain its upward momentum.Erastus is a dedicated cryptocurrency journalist and financial analyst with over 4 years of experience in the blockchain and fintech sectors. With a strong focus on digital currencies, decentralized finance , and emerging financial technologies, he offers an in-depth analysis of market trends and developments.
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