Shiba

Rally

Token

Shiba Inu

Coin

The second-largest meme coin,&nbsp;<a href="https://coingape.com/shiba-inu-shib-jumps-9-36-despite-scam-alert-buzz/" rel="noopener noreferrer nofollow">Shiba Inu Coin (SHIB) price</a>, is moving along with the bullish crypto market as it nears the $3 trillion mark. Following last week’s correction, investors are back to roll back the dice and make the most out of their current positions. Those who dollar-cost averaged (DCA) as prices plummeted have already started seeing their wallets grow, considering Shiba Inu Coin is up a staggering 30% from support at $0.00002366.
SHIB hovers at $0.0000308 during US business hours on Tuesday. In just 24 hours, the popular dog-themed meme coin is up 12% and boasting a whopping 186% surge in the trading volume to $2.16 billion.
Shiba Inu’s market cap stands at $18 billion and ranks #11 among other cryptos including stablecoins.
<h2 class="p1" id="shiba-inu-coin-price-analysis-navigating-shib-s-recovery-with-the-supertrend-indicator">Shiba Inu Coin Price Analysis: Navigating SHIB’s Recovery With the SuperTrend Indicator</h2>
After the gruesome sell-off in the last couple of weeks, Shiba Inu embraced support at $0.00002366, reinforced by the 200-day Exponential Moving Average (EMA) (the line in purple on the chart).
This area played a vital role in the newly-found stability, relieving investors of immense overhead pressure while encouraging buying the dip opportunities.
As&nbsp;<a href="https://coingape.com/shiba-inu-weekly-burn-dips-60-shib-to-break-below-support/" rel="noopener noreferrer nofollow">SHIB</a>&nbsp;bounced back in the footsteps of&nbsp;<a href="https://coingape.com/bitcoin-btc-price-jumps-past-70000-amid-huge-accumulation-before-halving/" rel="noopener noreferrer nofollow">Bitcoin price</a>&nbsp;climbs above $70,000 on Monday, it cleared the path for further gains. The SuperTrend indicator, which had been bearish since March 5 when Shiba Inu Coin price topped out at $0.00004563, recently flipped to trail SHIB price, thus accentuating the trend reversal.
<figure id="attachment_188067" aria-describedby="caption-attachment-188067" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-188067" src="https://coingape.com/wp-content/uploads/2024/03/SHIBUSD_2024-03-26_16-19-06.png" alt="Shiba Inu Coin price chart | Tradingview" width="2694" height="1444" srcset="https://coingape.com/wp-content/uploads/2024/03/SHIBUSD_2024-03-26_16-19-06.png 2694w, https://coingape.com/wp-content/uploads/2024/03/SHIBUSD_2024-03-26_16-19-06-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/03/SHIBUSD_2024-03-26_16-19-06-1224x656.png 1224w, https://coingape.com/wp-content/uploads/2024/03/SHIBUSD_2024-03-26_16-19-06-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/03/SHIBUSD_2024-03-26_16-19-06-1536x823.png 1536w, https://coingape.com/wp-content/uploads/2024/03/SHIBUSD_2024-03-26_16-19-06-2048x1098.png 2048w, https://coingape.com/wp-content/uploads/2024/03/SHIBUSD_2024-03-26_16-19-06-150x80.png 150w" sizes="(max-width: 2694px) 100vw, 2694px">
 <figcaption id="caption-attachment-188067" class="wp-caption-text">
 Shiba Inu Coin price chart | Tradingview
 </figcaption>
</figure>
Traders would be looking for several four-hour candle closes above $0.00003 to ascertain that the uptrend will sustain to the high in March at $0.00004563.
Should Shiba Inu Coin price successfully retest the area at $0.00003 and bounce back to resistance at $0.000035, FOMO might kick in and restart a major rally to target recent highs and subsequently the next major milestone at $0.0001.
<h2 class="p1" id="shiba-inu-token-burn-rate-poised-to-rally">Shiba Inu Token Burn Rate Poised To Rally</h2>
The token&nbsp;<a rel="noopener noreferrer nofollow" href="https://www.shibburn.com/">burn rate</a>&nbsp;in the Shiba Inu Coin ecosystem is believed to be one of the most elaborate similar programs in the industry. Since its inception, approximately 410 trillion SHIB tokens have been removed from active circulation.
So far, Shiba Inu boasts 589 trillion tokens making up its total supply. However, due to roughly 6.6 trillion, SHIB locked up in various staking protocols, only 582 trillion coins are circulating.
<figure id="attachment_188066" aria-describedby="caption-attachment-188066" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-188066 size-full" src="https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-26-at-16.46.31.png" alt="Shib token burn rate " width="1032" height="636" srcset="https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-26-at-16.46.31.png 1032w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-26-at-16.46.31-300x185.png 300w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-26-at-16.46.31-768x473.png 768w, https://coingape.com/wp-content/uploads/2024/03/Screenshot-2024-03-26-at-16.46.31-150x92.png 150w" sizes="(max-width: 1032px) 100vw, 1032px">
 <figcaption id="caption-attachment-188066" class="wp-caption-text">
 Shiba Inu Coin token burn rate
 </figcaption>
</figure>
In the last 24 hours,&nbsp;<a href="https://coingape.com/shiba-inu-price-rallies-10-shib-burn-rockets-2500-0-00005-looms/" rel="noopener noreferrer nofollow">Shiba Inu</a>&nbsp;has experienced a 27% increase in the burn rate, with around 27 million SHIB sent to an unspendable wallet. As the burn rate increases, demand and supply dynamics are expected to change in favor of supporting a larger rally.
Reduced supply means that selling pressure goes down significantly and with demand staying the same or rising, a rally is bound to erupt and push Shiba Inu Coin price to higher unprecedented levels.
The post <a href="https://coingape.com/markets/shiba-inu-coin-shib-price-as-key-technical-indicator-tips-off-45-move/" rel="noopener noreferrer nofollow">Shiba Inu Coin (SHIB) Price As Key Technical Indicator Tips Off 45% Move</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Shiba Inu Coin (SHIB) Price As Key Technical Indicator Tips Off 45% Move

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