Shiba Inu Strengthens Bullish Trend as Burn Rate Increases by 181%
For the last week token Shiba Inu (SHIB) rose 8% to $0,00001374 with a market cap of $8 billion. Currently token ranks 29th on CoinGecko, aiming to surpass major assets like TON and LEO.
Meanwhile, according to tracker Shibburn, the SHIB burn rate has increased by 24% over the past 181,26 hours, removing over 821,000 tokens from circulation, potentially adding to the bullish trend.
Additionally, IntoTheBlock data shows a revival of crypto whales. Large holders, which also include major exchanges, saw SHIB outflow from 183,03 billion tokens on August 7 to 359,6 billion on August 9.
Now token is testing the critical daily downtrend resistance level at $0,00001553, which has stopped the price growth three times in the past.
A confirmed breakout of this zone could open the way to higher targets at $0,00003344 and $0,00004551, notes analyst $SHIB KNIGHT.
On the daily chart, SHIB is trading within a descending triangle, with the price hovering near the breakout point. Bollinger Bands are narrowing, indicating a possible increase in volatility in the coming sessions.
TradingView data
MACD is showing signs of a bullish crossover near the zero line, while the RSI at 56,19 indicates potential for further gains to overbought levels. Additionally, the positive Chaikin Money Flow (0,04) signals moderate buying pressure from market participants.
If SHIB can break through the resistance at $0,00001553, it could trigger an extended rally towards the next major resistance zones. If it fails, token may consolidate in the current range in anticipation of stronger market catalysts.
