Shiba

bullish

Shiba Inu

<ul class="wp-block-list">
 <li>SHIB has lost over 5.60%, over the past 24 hours.</li>
 <li>The burn rate of SHIB has spiked by 226%, 2.63 million tokens were burnt.</li>
</ul>
The meme coins in the market are facing a downward trajectory, returning to their previous lows. Among them, the dog-themed meme coin Shiba Inu (SHIB) is approaching the critical threshold.
Over the last 24 hours, the SHIB price recorded a loss of over 5.60%. The asset hit its peak and low of $0.00001702 and $0.0000157, respectively. This price momentum indicates a bear rally. At the time of writing, the token traded at $0.00001607, with its daily trading volume dropping by 41% to $487 million, as per CMC <a href="https://coinmarketcap.com/currencies/shiba-inu/" target="_blank" rel="noopener noreferrer nofollow">data</a>.
On the other hand, SHIB’s <a href="https://thenewscrypto.com/dormant-coinbase-user-sparks-attention-with-significant-shib-burns/" target="_blank" rel="noopener noreferrer nofollow">burn rate</a> has displayed an increase of over 226% in the past 24 hours. Approximately 2.63 million tokens have been burned as per <a href="https://www.shibburn.com/" target="_blank" rel="noopener noreferrer nofollow">data</a>. To date, the Shiba Inu ecosystem has burned a total of 410,730,847,872,516 SHIB, leaving over 583.51 trillion SHIB left in circulation.&nbsp;
<h3 class="wp-block-heading" id="h-can-shib-climb-up">Can SHIB Climb Up?</h3>
The bullish sentiment SHIB had over the past thirty days, shifted to the downward trajectory, losing 5.45% in the last week. The token began trading at $0.00001716, gradually surged to a high of 0.00002152. As days progressed, it slid again to a low of $0.00001595.&nbsp;&nbsp;
The technical indicators of the meme coin suggest the failed attempt of the asset to overcome the bearish trend. The short-term 9-day and the long-term 21-day moving averages are found above the current price momentum. Moreover, the asset is in oversold condition, as the daily relative strength index (RSI) stands at 36.77.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcecA5yZ-IVaz3XhW0G4WNvSEDkj-NKsudcjQmiC3JdpfgUHYACOZbrsNxPAFhYLMC-WrY3VORzWbexvh85uk1rmsqhfg1gBbvamVOHJdxqU7STD_bf3btyYtaUJ3uEYXkJStjx7QB4mogUREG7tmaobIY?key=Ofvyaxk_ohezEpg-b32__w" alt="">
 <figcaption class="wp-element-caption">SHIB price chart (Source: <a href="https://in.tradingview.com/symbols/SHIBUSDT/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
Furthermore, SHIB’s price oscillated within the 0.000016 range. Breaking past the mark might signal the bull cycle. The asset may test its initial resistance at 0.00001712, a crucial area for bulls. A rebound from this level allows the asset to recover, but losing it could push the price toward the $0.00001508 support zone.&nbsp;
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Is Shiba Inu (SHIB) Headed For a Rektober or an Uptober?

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