Shiba Inu Price Prediction as SHIB Spikes Up 1.7% in 24 Hours – $1 SHIB Possible Soon?

cryptonews.com:

Shiba Inu’s trading price of $0.000023 shows minor fluctuations, yet there’s buzzing speculation about its future growth. Given a marginal 1.7% surge over the past 24 hours, the fervor around Shiba Inu price predictions escalates, with discussions centering on the potential of the token reaching a $1 valuation.

Supported by substantial trading activity and a significant market cap, SHIB continues to capture the attention of the cryptocurrency community.

Over the past week, Shiba Inu (SHIB) has experienced an impressive 338% increase in its token burn rate, resulting in the permanent removal of 200,591,910 SHIB tokens from circulation.

HOURLY SHIB UPDATE$SHIB Price: $0.00002261 (1hr -0.16% ▼ | 24hr 0.26% ▲ )
Market Cap: $13,322,019,514 (0.29% ▲)
Total Supply: 589,273,648,402,449

TOKENS BURNT
Past 24Hrs: 30,384,330 (-27.27% ▼)
Past 7 Days: 200,591,910 (338.77% ▲)

— Shibburn (@shibburn) May 12, 2024

This significant uptick in burning activity reflects the cryptocurrency’s strategy to diminish its supply and potentially boost its value. The dramatic rise in burns, detailed in Shibburn’s latest update, is part of ongoing efforts to enhance Shiba Inu’s market dynamics.

Shiba Inu present a key pivot point at $0.000024, having an immediate resistance at $0.000025, with subsequent hurdles at $0.000026 and $0.000028.

Conversely, support levels are currently found at $0.000022, $0.000021, and $0.000018. A breach below these could lead to a further dip in price, potentially targeting the $0.000018 mark in a more extensive bearish scenario.

From a technical standpoint, the Relative Strength Index (RSI) stands at 41, indicating a slight bearish bias but not fully oversold, suggesting potential for either movement depending on market inputs.

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