Shiba Inu is witnessing a substantial 150% increase in its burning rate, an event that remains a point of interest at the time of this publication. It is essential to recognize that the recording rate percentage is inherently a dynamic value, subject to rapid and unpredictable changes, and the value you might see now will be different from the value an hour ago.
Shiba Inu is witnessing a substantial 150% increase in its burning rate, an event that remains a point of interest at the time of this publication. It is essential to recognize that the recording rate percentage is inherently a dynamic value, subject to rapid and unpredictable changes, and the value you might see now will be different from the value an hour ago.
Despite this considerable increase in the burn rate, the SHIB price appears to be unaffected by this particular event. Specific data indicates that the burning of SHIB tokens has not resulted in a significant upward price trend as might be anticipated.
Burn transactions have shown substantial activity, with millions of tokens transferred to dead wallets in the past few hours, but the market response in terms of price action remains lukewarm.
As the SHIB price chart shows, we observe key resistance and support levels that are critical to understanding current market behavior. The local resistance level can be identified at around $0.00000971, which the price has tested but not conclusively surpassed. On the other hand, the token has found support around the $0.00000899 mark, a level that has provided some degree of price stability over the past few trading sessions.
A closer examination of the indicators on the chart provides additional data. The 50-day moving average and the 200-day MA, shown as the black line, are essential to analyze the trend. Currently, the price is oscillating between these two MAs, suggesting a consolidation phase without a clear directional trend.
Furthermore, the RSI, hovering around the 44.46 mark, indicates that SHIB is neither overbought nor oversold, offering no immediate signs of a price breakout or breakdown.
