Shiba Inu's Burn Rate Surges 580%, Bulls Eye $0.00002011

Shiba Inu's burn rate has surged by 580.76%, dramatically reducing its circulating supply and inciting bullish speculation among traders. Despite a slight price decline, the rising burn rate coupled with strong support levels indicates potential for a bullish breakout above critical resistance.

Analysts suggest that if SHIB breaks above $0.00001718, it could ignite a rally towards $0.00002011. Shiba Inu's burn rate skyrockets by 580.76%, hinting at a potential price surge amid bullish sentiment in the market. However, the question remains: can it sustain the momentum?

Shiba Inu (SHIB) has successfully rebounded from the key accumulation zone of $0.00001290 to $0.00001400, showcasing significant buying interest. Currently, the price is navigating within a descending wedge pattern, which historically hints at an impending bullish breakout.

Traders are closely monitoring the resistance level at $0.00001718; breaking this barrier could propel SHIB towards targets at $0.00002011 and further toward $0.00002415. In the context of momentum indicators, the Relative Strength Index (RSI) at 40.54 suggests approaching oversold conditions, signaling potential upward movement if it crosses the 50 mark.

Current on-chain analysis shows that a staggering 76.85% of SHIB holders are currently out of money, indicating a prevalent sense of loss among investors. Only 16.48% of addresses are in profit, while a mere 6.67% hover at breakeven. This stark imbalance suggests that if SHIB begins to ascend, many holders may consider exiting positions at breakeven, potentially creating resistance zones.

Interestingly, as the burn rate continues to diminish supply, the decreased availability of tokens could lead to greater scarcity, pushing prices upward. Should Shiba Inu manage to sustain its upward momentum, an increase in profitable holders could further drive bullish sentiment.

Recent liquidation data indicates that $80K in long positions were liquidated, vastly overshadowing the $1