The Shiba Inu coin is back under the limelight with its impressive price action over the past few days. This has resulted in this crypto project recording increased price action. Adding to this, the shibburn rate has also witnessed a significant rise, suggesting a long-term bullish sentiment for it.
Considering the present market sentiments, investors are wondering about the short-term possibilities of this memecoin. Are you one of many wondering the same? Read more to find out the possible Shiba Inu Price Prediction for this week.
41 Million SHIB Tokens Burned in 24 Hours
Over the past 24 hours, the shibburn rate has experienced a jump of over 18% to 41.453 million tokens. Notably, this was a result of seven transactions out of which 2 transactions recorded a token burn of less than 1 token.
On the other hand, it witnessed 3 transactions over a million token burn with one exceeding over 23 million. With this, the total burn value of today was just over $601, making it one of the best burn days for Shiba Inu this month.
Shiba Inu Coin Records Higher Lows
The SHIB price today has displayed a neutral price action by recording a variation of less than 1% in valuation. Moreover, with an intraday trading volume of just over $190 million, it has maintained its value around the $0.00001450 mark. With a market cap of $8.54 billion, it has a dominice of 0.2464%.
The Moving Average Convergence Divergence (MACD) records a constant red histogram in the daily time frame with its averages displaying a similar price trend. Considering this, the memecoin may display a negative price action this week.
Moreover, the Simple Moving Average (SMA) has displayed a bearish convergence in the Shiba Inu price chart. This suggests an increase in the selling-over-buying pressure for the altcoin in the cryptocurrency space.
How High Can SHIB Memecoin Realistically Go?
If the market favors the bulls, this could result in the price of SHIB memecoin retesting its resistance zone of $0.0000150. Maintaining the price above that level could set the stage for it to prepare to hit its upper price target of $0.000020 in the upcoming time.
On the contrary, if the bears outrun the bulls, the second largest meme coin could drop toward its support zone of $0.0000120. If the bulls fail to regain momentum at that point, this may act as a catalyst in the price plunging toward its crucial support level of $0.000010.
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