The second-largest meme token, Shiba Inu (SHIB), is moving in tandem with the rising crypto market, nearing a price of $3 trillion. Shiba Inu’s price demonstrated a significant 30% increase from the support level of $0.00002366. SHIB was trading at $0.0000308 at the time of writing. Within just 24 hours, the popular meme token showed a 12% increase and its trading volume surged by 186% to $2.16 billion.
Support Level for Shiba Inu
Shiba Inu’s market value is at the $18 billion level and ranks 11th among other cryptocurrencies, including stablecoins. Following the sales in the past few weeks, Shiba Inu found support at the $0.00002366 level, which is supported by the 200-day exponential moving average (EMA). This area played a vital role in the newfound stability and could encourage investors to buy dip opportunities, freeing them from the overall market pressure.
SHIB began to recover following the rise of Bitcoin‘s price above $70,000 on Monday, paving the way for further gains. The SuperTrend indicator, which has been on a downtrend since March 5 when the Shiba Inu price reached $0.00004563, recently highlighted a reversal of the trend by following the SHIB price. Investors may look for several four-hour candle closures above the $0.00003 level to ensure that the uptrend continues to the March high of $0.00004563.
Critical Phase for SHIB
Shiba Inu price, if it successfully retests the area at the $0.00003 level and returns to the $0.000035 resistance, FOMO could kick in and potentially reignite a major rally to revisit recent highs and then target the next significant milestone of $0.0001.
In the last 24 hours, there has been a 27% increase in Shiba Inu’s burn rate, with approximately 27 million SHIB sent to an unspendable wallet. As the burn rate increases, the demand and supply dynamics can be expected to shift in favor of supporting a larger rally. A decreasing supply, with significantly reduced selling pressure and steady or increasing demand, could lead to a pause in the rally and push the Shiba Inu price to unprecedented levels.
