SHIB price broke past important price barrier
The Shiba Inu burn rate has increased by an impressive 353% in the last 24 hours, maintaining the previous increase. According to the Shibburn website, 37,957,807 SHIBs were lit in the last 24 hours, almost five times more than the previous day, when only 8,375,655 SHIBs were lit.
In the past week, only 126 million tokens were burned, which represents a meager amount. This week seems to be taking off on a good note, with over 37 million SHIB burned at the week’s start.
At the time of publication, SHIB was changing hands at $0.00000985, up 5.51% over the past 24 hours and 8.12% over the past week. SHIB was also displaying a 65% gain in trading volume, with $19.4 trillion swapped in SHIB over the past 24 hours, or $190 million in value.
SHIB price action
After a rebound from lows of $0.0000081 on Nov. 22, SHIB consolidated in a range before its price attempted a move. After a positive close on Dec. 4, SHIB launched an attack at the immediate barrier of $0.00001009 at the daily MA 50.
Shiba Inu’s attempt at this key hurdle resulted in an intraday high of $0.00001016 before a minor pullback. SHIB then moved back to the $0.000009 range, where it currently trades.
A firm break above the $0.000010 level would not only erase an extra zero in SHIB’s price, it would likewise be needed for the continuation of the upside move.
The daily RSI is trending upwards and has moved above the 50 neutral level, which may suggest that the bulls may be ready for a move. However, the extent of this move is unknown given the bearish condition of the market since the beginning of 2022.
A break past the $0.000010 level might yield a further rise to $0.000011 or even $0.000012. On the other hand, a drop from current levels might see SHIB clinging onto the $0.00009 level as it is forming a base there, while bears might threaten a drop to $0.000081 if the sell-off exacerbates.
