Shiba Inu (SHIB) Burn Rate Spikes, Eyes Key Resistance Levels

Shiba Inu's burn rate has soared by 3,800%, reducing its circulating supply and fueling anticipation for a rally.

Shiba Inu (SHIB) is experiencing heightened attention as its burn rate has surged by an astonishing 3,800%. This development aims to reduce SHIB's circulating supply, potentially setting the stage for a rally.

At the time of writing, SHIB is trading at approximately $0.00002712, encountering a key resistance level of $0.0000297. Buyers are closely monitoring this crucial price point, as a breakout could propel SHIB toward $0.000033. However, if SHIB fails to hold its strong support at $0.0000266, a decline toward $0.0000241 may follow.

Technical indicators are presenting mixed signals regarding SHIB's momentum. The Relative Strength Index (RSI) currently stands at 46.45, indicating neutral market conditions. On the other hand, Shiba Inu's exponential moving averages (EMA) are hinting at potential weakness, with the short-term EMA approaching a crossover below the long-term EMA.

Meanwhile, Dogecoin (DOGE) is valued at around $0.40, consolidating as it encounters strong support and resistance levels. The meme coin is testing a psychological threshold, with buyers anticipating a move toward higher price targets.

According to several analysts, Dogecoin must sustain levels above $0.394 to maintain its bullish outlook. If the bulls regain strength, DOGE could retest resistance at $0.432. A breakout above this level may pave the path for DOGE to challenge its 2024 high of $0.485 and potentially push beyond the $0.50 mark.

However, if DOGE fails to maintain its support, bearish pressure could push the price toward lower levels, with key support zones at $0.374 and $0.342. The Relative Strength Index (RSI) for DOGE currently indicates neutral momentum, with holders awaiting a decisive move.

In other developments, the blockchain gaming token Minotaurus (MTAUR) has attracted significant attention during its ongoing presale phase. The presale has recorded over $894,500 in token sales thus far, with the MTAUR token priced at $0.00008108.

Early buyers are enticed by Minotaurus's incentive structure, which includes a $100,000 prize pool. The top contributor is set to receive $50,000, while 99 other participants will share an additional prize.

Minotaurus is scheduled to list at $0.0002, offering early participants an opportunity for a 146% rally once it goes live. The project’s security has been verified through audits by SolidProof and Coinsult, ensuring trust and transparency for buyers.

The token's utility within the Web3 gaming ecosystem, where users can purchase in-game assets and unlock exclusive features, is expected to drive demand post-listing.

Website: http://minotaurus.io/

Announcements: https://t.me/minotaurus_official

Chat: https://t.me/minotaurus_chat

Twitter: https://twitter.com/minotaurus_io

This is a sponsored article. Opinions expressed are solely those of the sponsor and readers should conduct their own due diligence before taking any action based on information presented in this article.