Shiba Inu

Date: Sat, Sept 28, 2024, 07:48 AM GMTThe cryptocurrency market has taken a bullish turn over the last two weeks, driven by the recent Federal Reserve rate cut and optimistic sentiment heading into Q4. Bitcoin has surged past $66,000 for the first time since August 1, bringing renewed excitement to the crypto space. Amidst this, <a href="https://coinsprobe.com/shib-rises-with-double-digit-gains-can-it-clear-the-next-resistance/" rel="noopener noreferrer nofollow">Shiba Inu (SHIB)</a> has started to gain serious momentum, with an impressive 38% rise in the past seven days alone.The key driver behind SHIB’s recent rally is its breakout from a significant downtrend at the $0.00001494 level. This breakout pushed SHIB to its current price of $0.00001981, sparking speculation that it could see a further 30% gain, potentially reaching $0.00002560.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/0b5170e713b94d5680f28f63014f6376.png" />However, before bulls can celebrate, SHIB faces a major resistance zone between $0.00001943 and $0.00002176—a critical barrier that could determine whether the rally continues or stalls. At the time of writing, SHIB is trading at $0.00001961 and appears to be consolidating within a narrow range.Meanwhile, SHIB’s burn rate—a key factor in reducing supply and boosting long-term value—has significantly slowed.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/234c5359b8be4546895b6260fd70e1c8.png" />Shib Burb Rate (Source: Shibburn)Over the last 24 hours, SHIB’s burn rate has dropped by 94%, with 102,755,228 SHIB tokens burned.Conclusion: while Shiba Inu (SHIB) has shown impressive gains and could potentially rally another 30%, it faces a significant resistance zone that will be crucial for bulls to overcome. The current consolidation and the sharp drop in SHIB&#39;s burn rate suggest caution in the short term, but with the broader crypto market riding a wave of optimism, SHIB remains a token to watch closely. Whether it can break through the resistance and sustain its upward momentum will be key in the coming days.Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.Also Read: <a href="https://coinsprobe.com/nervos-network-ckb-regains-momentum-but-major-resistance-lies-ahead/" rel="noopener noreferrer nofollow">Nervos Network (CKB) Regains Momentum But Major Resistance Lies Ahead</a>

Shiba Inu (SHIB) Gearing Up for 30% Rally, But Resistance Stands in the Way

CoinsProbe

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