Is It A Good Time To Buy Shiba Inu?

The Second largest meme cryptocurrency Shiba Inu (SHIB) has recently captivated investors due to its vigorous token-burning actions and a marked increase in daily transactions on Shibarium. As a result, the token witnessed a substantial price surge, escalating from a support level of $0.00000761 to a peak of $0.00000965, registering an impressive 26.8% growth. During this upward trend, the buyers successfully breached a long-standing resistance trendline, signaling that the recovery could continue to gain momentum in the near future.

Also Read: Shiba Inu Price Prediction: Flag Pattern Sets $SHIB For 35% Breakout Rally

SHIB Price Escaped 10-month Correction to Chase $0.00001

• The daily candle with high wick rejection reflects the supply pressure at $0.0000096
• A bullish crossover 20-and-100-day EMA offers an additional edge to market buyers.
• The intraday trading volume of the Shiba Inu coin is $312.5 Million, showing a 48% loss.

In late November, a notable momentum shift occurred in the cryptocurrency market, largely catalyzed by Bitcoin breaking the $40,000 barrier for the first time in 19 months. This market uplift has positively impacted the SHIB price, leading to a significant increase in investor interest over the last two weeks.

A key development for the Shiba Inu price was the breach of a longstanding downward-sloping resistance trendline on December 3rd. This trendline had been a dynamic resistance for the past 10 months, typically indicating a market tendency where traders were inclined to sell during bullish bounces. 

Consequently, this recent breakout marks a pivotal change in market sentiment, potentially setting the stage for an extended recovery phase for Shiba Inu. 

Currently, the SHIB price is trading at $0.000009, experiencing an intraday decrease of 2%. This position suggests a potential retest of the newly breached trendline to verify the sustainability of the price above this level. If buyers successfully maintain the price above this newfound support, SHIB could surpass the next significant resistance at $0.0000096. 

Achieving this would position the coin for a potential 26% rally, targeting the August 23 high of $0.00001136.

On a contrary note, a breakdown below the low of the December 3rd candle($0.0000836) would invalidate the bullish thesis.

Shiba Inu Token Burn Rate Soars by Over 1.5 Million Percent

In a remarkable development, the burn rate of Shiba Inu tokens has experienced an explosive increase of over 1548111.10% in the last 24 hours which resulted in an elimination of approximately 8.348 Billion SHIB tokens from its circulating supply. This significant leap in token incineration is largely due to the deployment of Shibarium’s innovative token-burning protocol, marking a pivotal moment in the ecosystem.

• Directional Movement Index: A bullish crossover state between the DI+ (blue) and DI- (orange) lines, signaling an ongoing recovery trend for SHIB.
• Exponential Moving Averages: The SHIB price positioned above daily EMA (20, 50, 100, and 200) reinforces the positive sentiment surrounding the asset.