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Shiba Inu continues to garner attention with promising indicators for a price surge amidst its fourth anniversary celebrations.
Shiba Inu [SHIB] commemorated its fourth year since launching on August 1, 2020. Initially created as a decentralized community project inspired by Dogecoin [DOGE], SHIB rapidly attracted significant attention and experienced massive price increases in 2021. Despite encountering considerable market fluctuations and price drops in the following years, Shiba Inu has maintained a robust ecosystem backed by a dedicated community.
At the time of reporting, Shiba Inu was priced at $0.00001339, with a trading volume of $316,580,978 over the last 24 hours, reflecting a 3% decline. With a market capitalization of $7,890,783,531 and a circulating supply of 590 trillion SHIB, the token’s recent performance has raised interest among traders and investors.
Technically, SHIB recently tested the lower Bollinger Band, indicating potential support zones and possible price reversal. The Relative Strength Index (RSI) stood at 30.95, near the oversold threshold, hinting at a possible buying opportunity if momentum shifts positively. Despite this, the RSI has yet to surpass the critical 50 level to confirm a bullish turnaround.
The Moving Average Convergence Divergence (MACD) histogram showed signs of decreasing bearish pressure, with the MACD line slowly approaching the signal line. This development may be an early indicator of a bullish crossover, but further confirmation is necessary for traders to act decisively.
Crypto analyst Javon Marks has observed that Shiba Inu maintains a bullish structure, targeting a price of $0.000081. Marks pointed out that SHIB recently displayed a macro Hidden Bullish Divergence with its RSI, signifying potential for full recovery and continuation. He projected that SHIB could recover by 162% from its current price levels to reach $0.0000456, with a further upside potential to $0.000081, translating to a possible 354% increase.
Recent statistics from COINOTAG indicated a 17% rise in Shiba Inu’s burn rate over the past 24 hours. This reduction in circulating supply could pave the way for a short-term appreciation in SHIB’s price. Alongside this, the token witnessed increased net flow on exchanges, suggesting an upsurge in buying pressure, which could bolster the price further.
Despite the prevalent bearish trends, the Shiba Inu community remains hopeful for the token’s future prospects, driven by these promising developments and sustained community engagement.
In summary, Shiba Inu’s recent performance and technical indicators suggest possible recovery signs backed by increasing burn rates and net exchange flow. As the token celebrates its fourth year, the community’s optimism, combined with encouraging analyst predictions, paints a potentially positive outlook for SHIB’s future trajectory. Investors should, however, remain cautious and seek further confirmation before making trading decisions.
The post Shiba Inu (SHIB) Eyes Major Price Recovery Amid Increased Burn Rate and Bullish Indicators appeared first on COINOTAG NEWS.
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