Shiba Inu Price Prediction: Is SHIB About to Blast off Again?

cryptonews.com:

Shiba Inu (SHIB) had an impressive year in 2021, rising by over 1,000% to become one of the market's best performers. However, like many other coins, SHIB has been on a bear run this year. 

What is the future of the crypto market's second-largest meme token? 

Currently, SHIB trades at $0.00001132. The asset is amid a 3% uptrend in the past 24 hours, bringing its total gain to 4% on the weekly chart. As one of the market's leading coins, SHIB has benefited significantly from the 24-hour rally in broader coin prices. The crypto market has added 4% to its capitalization in the past 24 hours. 

However, SHIB is still bearish technically. The digital asset only trades above its 10-day moving average; every other important MA indicator - from 20-day to 200-day - still trades above its price. 

SHIB's negative moving average convergence divergence (MACD) demonstrates a sell signal, although day traders would appreciate the asset's relatively low relative strength index (RSI) of 47.53.

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One of the biggest reasons SHIB has been on the rise is progress with its token burn mechanism. A tracker revealed that the asset's token burn had reached triple digits on Sunday - an increase of 1,031% at the time. 

Data indicates that 29 million SHIB tokens have been burned in the past 24 hours, meaning that the asset continues to make significant progress in its mission to become a deflationary coin. 

Of course, there is still a massive amount of SHIB in circulation. The asset's total supply is 559,798,745,474,173, much higher than most coins. 

Notably, the Luna Classic community's 1.2% tax burn was implemented earlier this month in an attempt to fix this problem. 

With a circulating supply that is over 100 times that of LUNC, SHIB