- SHIB has plunged by 6%, over the past 24 hours.
- The burn rate of SHIB has soared by 254,078% with 5.63 billion tokens burned over the day.
The cryptocurrency market has faced a pullback over the past 24 hours, with its market cap plummeting by over3.60% to $2.33 trillion. The largest asset, Bitcoin, which traded above $72.5K, has slipped to $69K. The bearish sentiment affected all the major assets in the market.
The dog-themed meme coin Shiba Inu (SHIB) is one of the losers. Its price has steadily plunged by 6% on a daily scale. It’s crucial to note the burn rate of Shiba Inu surged around 254,078% over the day. Notably, the spike is observed as 5.63 billion tokens were burned.
SHIB Burn Rate (Source: Shibburn)
To date, the Shiba Inu ecosystem has burned a total of 410.73 trillion SHIB, leaving over 583.59 trillion SHIB in circulation. This surge in burn rate has brought in an expectation over SHIB’s price, as it likely indicates a price rally.
Notably, SHIB appears to be at a critical threshold. In the morning hours, the meme coin traded at a high of $0.00001913, and it began to slide to the current price levels.
At press time, SHIB traded at $0.00001742, with the trading volume staying at around $508 million, according to CMC data. Moreover, the market observed a liquidation of $1.45 million worth of Shiba Inu during this timeframe.
Where is SHIB’s Price Headed Next?
Technical analysis of the SHIB/USDT trading pair indicates the bearish sentiment. The chart displays the daily relative strength index (RSI) positioned at 37.95, suggesting the weakness of the asset. Moreover, the asset’s short-term 9-day MA is situated below the long-term 21-day MA.
The Moving Average Convergence Divergence (MACD) line sits below the signal line, highlighting the ongoing negative outlook, which might lead to the incoming bear run.
SHIB chart (Source: TradingView)
Besides, the Chaikin Money Flow (CMF) indicator stays at -0.31, which suggests the decreased money flow with selling pressure. While the daily trading volume has increased by over 59%.
If the bullish sentiment revives, SHIB’s price could likely rally to $0.00001879. It might further rise if the upward momentum persists. However, if the asset’s price attempts a reversal on the support side, the immediate support zone might be at $0.00001639.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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