Shiba Inu (SHIB) Price Gains Bullish Momentum at Low: Predict Upcoming Move

Shiba Inu’s (SHIB) price has displayed strong selling pressure, and investors have been losing assets since December. Amid this bearish move, the Shiba

Shiba Inu (SHIB) has faced selling pressure in recent months, with investors losing assets since December. Amid this bearish move, the SHIB price dipped below a crucial support level of $0.0000200.

Following this support loss, the Shiba Inu coin witnessed a 14% decrease in a week. However, bulls showed interest and pushed the price up by 5% in less than three days.

Due to a 280% increase in the Shiba Inu burn rate in a day, 12.5 million SHIB tokens were permanently removed from circulation. According to Shibburn data, this reduction in supply could lead to a potential price pump for the meme-based cryptocurrency.

Token burns occur when developers send lost supply tokens to wallet addresses, which permanently removes them from circulation. This process reduces the cryptocurrency's total supply, ultimately affecting the asset's price.

The SHIB community supported the recent burn activity, which was part of a gradual effort to decrease SHIB supply.

Shiba Inu’s Total Supply Drops to 589.25T SHIB: What's Next?

After the recent burn event, the total supply of Shiba Inu coin was adjusted to 589.25 trillion SHIB tokens. The SHIB community continued to prioritize supply reduction tactics through ecosystem improvements and burns.

Complementing the increased burn rate, a new dimension was added to the project's development with the launch of ShibOS. ShibOS is a blockchain-based operating system that aims to enhance the ecosystem.

The new platform endeavors to expand SHIB's range of applications while also maintaining the token burn initiative.

Both SHIB burn rates and ecosystem developments influenced market sentiment around SHIB. The ongoing reduction in circulating supply, coupled with new features, maintained investors' attention.

Meanwhile, a recent price analysis suggested that the Shiba Inu price was gathering momentum for a potential breakout. Analyst Javon Marks anticipated SHIB to exceed $0.0001553.

This indicated a massive 261% surge if key resistance at $0.000081 is breached. SHIB's slower consolidation could propel its upcoming bullish comeback if there is a resurgence of investor interest and strong community support.

At the time of writing, the Shiba Inu price was trading at $0.0000188, up 0.75% over the past 24 hours. The trading volume in the past 24 hours was around $228.86 Million, with a market cap of $11.08 Billion.

From the technical perspective, the Shiba Inu coin encountered selling pressure as it breached a major support level of $0.0000200. It continued to form red candle bodies, indicating the sellers' grip.

However, the price formed three consecutive green candlesticks, indicating a return of the bulls. As we can see, the Shiba Inu price encountered buying pressure as the burn rate increased by 280%.

Following these positive developments, buyers could step in as the price approaches a crucial resistance level of $0.00001915, which could lead to a 27% increase in buying pressure.

From the technical indicators, MACD had a golden crossover with the Signal line, indicating a bullish trend. The histograms turned green, indicating a bullish rally ahead.