Can Shiba Inu (SHIB) Expect a Revival Soon this Week?

• SHIB has spiked by 2.45%, over the past 24 hours.
• The burn rate of SHIB is down by 45.12% in the last 24 hours, 802,246 tokens were burnt.

The meme coin market is priced green, and several meme coins have briefly spiked from their recent lows. Among them, the dog-themed meme coin, Shiba Inu (SHIB), has seen a price recovery of 2.45% over the past 24 hours. 

On the other hand, SHIB’s burn rate has been displaying a decline of over 45.12% in the past 24 hours; approximately 802,246 SHIB tokens have been burned, as per the data. To date, the Shiba Inu ecosystem has burned a total of 410.72 trillion SHIB, leaving over 583.42 trillion tokens left in circulation.

Recently, the Shib project launched an upgrade for its burn mechanism on the Shibarium Layer-2 network. This automation-led upgrade uses 70% of Shibarium’s transaction fees and enables users to convert it into SHIB tokens and burn them. This is presumably one of the anticipated features within the community.

Can Shiba Inu (SHIB) Move Higher?

Zooming in on the weekly price chart, SHIB was briefly up by 0.02% and started trading at $0.00001381. It dived to the weekly low of $0.00001272, and later, the price climbed to $0.00001457. At press time, the asset traded at $0.00001391, with a market cap of $8.13 billion. The meme coin hit its 24 hour high price at $0.00001405 and lowest at $0.00001352. Meanwhile, the daily trading volume has declined by 31.63% and stands at $157 million, according to CoinMarketCap data. 

Besides, the asset is facing selling pressure as the daily relative strength index (RSI) stands at 39.12. The short-term 9-day moving average is below the current price at $0.00001375, indicating bearish momentum. Whereas, the short-term 21-day moving average is at $0.00001482, above the current price, according to TradingView data. 

SHIB price chart (Source: TradingView)

If the meme coin bulls sustain the bullish momentum, the initial resistance is likely to be at $0.00001454. Consequently, it might test a higher resistance at $0.00001542 if the bulls persist. If the SHIB bears conquer the bulls, the price might fall to $0.00001299. The subsequent support of the asset can be at $0.00001216. 

Highlighted Crypto News 

Is XRP Poised for Major Price Surge After Years of Consolidation?