While the focus in the crypto market is currently on Bitcoin, the Shiba Inu price is once again at an important inflection point. After the price experienced another setback yesterday due to the plagiarism allegations surrounding the layer-2 technology Shibarium, SHIB bulls are currently struggling to sustain a breakout from the downtrend that has been in place since mid-February.
At press time, the SHIB price was at $0.00001090, just above key resistance at $0.00001086. The 4-hour chart of Shiba Inu shows the downtrend SHIB has recently experienced.
SHIB price, 4-hour chart | Source:
On Monday, the Shiba Inu price managed to break out of the descending trend channel and break through the aforementioned resistance. However, the price rally came to an abrupt end at the $0.00001185 resistance mark.
Triggered by the plagiarism allegations, SHIB did not only fall back below the $0.00001086 level, but also plunged back into the descending trend channel. SHIB bulls were initially unable to defend the retest.
However, driven by the bullish sentiment in the entire crypto market, SHIB succeeded in starting a new breakout today. Now, all eyes are again on $0.00001086, which at best will turn into support before targeting a rise to $0.00001185.
A look at the 1-day chart of Shiba Inu using the Fibonacci retracement levels reveals that another important turning point for the price is already waiting at $0.00001167, the 38.2% Fibonacci retracement. Should a pullback occur here, the region around $0.000010 would again be of key importance. A fall below the mark would be extremely bearish.
To build bullish momentum, the 50% Fibonacci retracement at $0.000013 is key. A break through this level would allow the bulls to target the next levels at around $0.000014 and $0.000016. The latter level could pave the way for a new 10-month high above $0.000018.
SHIB price, 1-day chart | Source:
Shiba Inu Burn Rate Picks Up Again
After the SHIB burn rate was quite flat since mid-February – analogous to the price – an increased volume of burned tokens can be observed again since the beginning of March. On March 9, a staggering 2.2 billion SHIB were destroyed in just one day.
Yesterday’s SHIB burn is also impressive. A total of 934,428,791 SHIB tokens were burned and 57 transactions were executed. Remarkably, almost all of these SHIB were burned in just one transmission, which consisted of 924,150,949 SHIB.
Shiba Inu burn rate over the last 30 days | Source:
The Shiba Inu Burn Tracker on Twitter also shared that the Shiba Inu army has managed to burn 2.54 billion SHIB in the last seven days.
Featured image from Kanchanara / Unsplash, charts from TradingView.com
Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with ktsl888.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.
Read more
His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.
Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.
For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.
As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.
In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.
You can engage with his latest takes on Twitter: @realJakeSimmons.
Close
Disclaimer: The information found on NewsBTC is for educational purposes
only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any
investments and naturally investing carries risks. You are advised to conduct your own
research before making any investment decisions. Use information provided on this website
entirely at your own risk.
