#Shiba
Trade now .๐๐
๐๐๐๐ฝ ๐ฝ๐ช๐ง๐ฃ ๐๐๐ฉ๐ ๐๐ฅ 12,000% โ ๐๐จ 18% ๐๐๐๐๐ ๐๐ฃ๐ช ๐๐ง๐๐๐ ๐๐๐ก๐ก๐ฎ ๐๐ข๐ข๐๐ฃ๐๐ฃ๐ฉ?
Shiba Inu (SHIB) is still defending a bullish technical structure despite falling by 3.18% today, June 27, to trade at $0.0000112. Despite intense volatility across the market, Shiba Inu price has defended the psychological support level of $0.00001, with bulls now eyeing an 18% jump to a monthly high. With the SHIB burn rate up by a staggering 12,000%, is this rally imminent?
SHIB price is eyeing an 18% rally to the upside. After SHIB ended a 7-week downtrend, this rally is now likely to occur due to the formation of a bull flag pattern on the four-hour timeframe. When this pattern appears, it usually suggests that the uptrend has only undergone a brief pause before the next bullish leg commences to push it higher.
In this bullish technical structure, the target price for Shiba Inu price if this pattern holds is $0.0000138, which is 18% above the current price. If this happens, SHIB price will be trading at its highest level in one month.
However, there is a major caveat to such a rally happening, which is the upper boundary resistance of the bull flag at $0.000019. The top meme coin will have to overcome this resistance level first to confirm a strong trend.
The 50-day SMA of $0.0000113 is also a major hurdle to the upward trend, as a close above it will confirm that the short-term momentum is bullish. The 20-day SMA level of $0.00001252 is also a key resistance to watch, with past data showing that
Data from Shibburn shows that the SHIB burn rate has increased by 12,833% in the last 24 hours, with over 13 million tokens being removed from the circulating supply. This spike has brought the total number of SHIB tokens burned in the last seven days to 75 million.
The reduced supply is bullish for the Shiba Inu price. a 27% increase in SHIBโs daily active addresses that have gone from 2,777 to 3,534 within 24 hours, per Santiment data.
