Shiba Inu (SHIB) Price Prediction: Can SHIB Surge 24% With Hiked Token Burns?

Shiba Inu price is grappling with a critical support level in the daily timeframe as the SHIB burn rate spikes by 1000%. The meme coin has been facing downward pressure for some time now.

Shiba Inu price encountered a critical support level on the daily timeframe as the SHIB burn rate spiked by 1000%.

The meme coin faced downward pressure for some time, with a death cross flashing on its price chart. However, SHIB technical analysis showed traders were neutral to bullish in the short to mid-term. A break past certain key levels would confirm a bullish reversal for the crypto asset.

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Shiba Inu traders are net long on the asset, as Coinglass futures trading data revealed that Cumulative Long Liquidation Leverages were higher than the Shorts. This slight imbalance showed an indecision in the market as traders were still unsure of Shiba Inu’s next move.

According to Coinglass, the SHIB open interest (OI) increased by 1.06% over the last 24 hours, as did Shiba Inu price. This concurrent rise in these metrics suggested that traders were opening more Long positions, which meant that even though they were unsure of the next move, most of them were biased toward a bullish sentiment.

Shiba Inu price prediction showed the asset was at a critical juncture in its price chart. A weakness in the market might result in a catastrophic drop, but if bulls continued adding to the buying pressure, the SHIB price would rise higher.

Shiba Inu price encountered a critical support level on the daily timeframe as the SHIB burn rate spiked by 1000%. The meme coin faced downward pressure for some time, with a death cross flashing on its price chart. However, SHIB technical analysis showed traders were neutral to bullish in the short to mid-term. A break past certain key levels would confirm a bullish reversal for the crypto asset.

The Shiba Inu chart showed a bearish “Death Cross” where the 50-day EMA crosses below the 200-day EMA. This indicates a long-term bearish trend, typically suggesting further downside pressure.

Despite the bearish Death Cross, there was a short-term recovery as SHIB attempted to bounce from the support zone around $0.00001000.

Shiba Inu price will likely experience resistance at $0.00001571 and $0.00001794

The Stochastic RSI is currently in an overbought zone (with values of 86.30 and 80.64). This indicates that SHIB price is currently overbought, which could lead to a potential pullback in the short term.

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