SHIB will most likely make run toward next resistance on chart
The Shiba Inu (SHIB) saw significant “shopping activity” within a relatively short period of time. As seen on the 4-hours chart, the Shiba Inu printed a huge green candle after liftoff from the MA 50 at $0.0000122.
However, the token could not immediately burst through the overhead barrier at $0.00001333 and reversed back below the 4-hour MA 200 at $0.00001295. SHIB is currently trading at $0.0000126 while attempting a decisive break above this key level. At the time of publication, SHIB was just up 3% in the last 24 hours, per CoinMarketCap data.
If the bulls break above the 4-hours MA 200 and then the current $0.00001344 barrier, there is a possibility of a run towards the next resistance on the SHIB chart, which is about 17% higher than the current price level of $0.0000148. This level could again act as a tough hurdle, but if the bulls cross it, the rally could extend to $0.000018.
The RSI remains near the 50 neutral levels, which suggests that SHIB might engage in range trading before the next major move. That said, a decisive break above these key levels might be a major catalyst for Shiba Inu’s next move. Conversely, if the price breaks below $0.000012, the token could find support next at $0.000010.
According to data from WhaleStats, the Shiba Inu was among the top 10 assets by trading volume of the 2,000 largest ETH whales in the past 24 hours.
1.1 billion SHIB burned in last seven days
According to the Shibburn Twitter account, over 1,114,272,184 SHIB tokens have been burned in the last seven days in over 198 transactions. In the previous week, U.Today reported 1.2 billion SHIB burned.
Several transactions carrying SHIBs have been burnt in recent hours, with over 31,339,307 SHIBs burning since the previous day. However, the SHIB burn rate was lower at 54.85% in the last 24 hours.
