Shiba Inu (SHIB) Burn Rate Spikes 243% Despite 30% Price Dip, Key Support Levels Eyed

Despite a 30% decline over the last 30 days, Shiba Inu SHIB/USD continues to see rising burn rates, prompting traders to focus on its critical support levels.

After a 30% decline over the last 30 days, Shiba Inu (SHIB/USD) has seen rising burn rates, prompting traders to focus on its critical support levels.

Pro traders like Crypto chart analyst Ali Martinez highlighted SHIB's significant support zone on the 12-hour chart, which lies between the $0.0000215 and $0.0000193 levels.

A trader responding to the post suggested that if these levels hold, SHIB could see a potential bounce. However, the ongoing bearish momentum increases the risk of breaking below this range.

The trader recommended patience and strategic entries for those considering positions.

Shiba Inu Critical Support Zone! Pro traders like Crypto chart analyst Ali Martinez highlighted SHIB's critical support zone on the 12-hour chart, which lies between the $0.0000215 and $0.0000193 levels.

A trader commented on the post, saying that if this range holds, SHIB could potentially bounce. However, given the bearish momentum, there's a risk of breaking below these levels.

Those considering positions should be patient and enter strategically, the trader added.

Pro traders like Crypto chart analyst Ali Martinez highlighted SHIB's critical support zone on the 12-hour chart, which lies between the $0.0000215 and $0.0000193 levels.

A trader responding to the post suggested that if these levels hold, SHIB could see a potential bounce. However, the ongoing bearish momentum increases the risk of breaking below this range.

The trader recommended patience and strategic entries for those considering positions.

Moreover, Benzinga's technical analysis shows SHIB's RSI on the 4-hour chart at 20, indicating oversold conditions and signaling a potential buy signal from the oversold extremes.

On the other hand, the meme coin's MFI is displaying neutral conditions, suggesting that traders should exercise caution and monitor further price action for confirmation.

In the last 24 hours, 1.72 million SHIB were burned, according to Shibburn. Notably, around 1 million SHIB were burned in a single transaction six hours ago, pushing the burn rate up by 243.3%.

Shibarium daily transactions, meanwhile, rose from 4.6 million to 4.7 million, reflecting consistent activity on the network.