Shiba Inu Price Prediction as Shibarium Upgrades Trigger 4,240% Burn Rate Surge – A New Era for SHIB?
The Shiba Inu price has remained static in the past 24 hours, holding to $0.000008872 as the cryptocurrency market as a whole gains by a very slight 0.3% today.
This movement means that SHIB has fallen by 4% in a week and by 16% in the last 30 days, with the popular meme token also suffering a 23% drop in the past year.
These are all bad figures, yet SHIB’s fundamentals warrant a substantial recovery, with a new Shibarium update resulting in a marked increase in the token’s automatic burn rate.
As such, the token could witness a marked rebound soon, especially if they wider market becomes more bullish.
SHIB’s chart doesn’t really provide much hope as far as imminent recoveries are concerned, with its indicators still looking pretty subdued.
Its 30-day moving average (yellow) continues to descend towards its 200-day average (blue), with its current price dropping below both.
This is a very bearish sign, indicating further losses, as does SHIB’s relative strength index (purple), which has been languishing at 40 for several days now.
In other words, the coin is really struggling to regain momentum, and its trading volume – which now stands at $84 million – certainly isn’t helping matters.
It was as high as $350 million earlier in the month, so its 75% decline since the first week of January underlines just how out of favor it is with traders at the moment.
As such, it will be interesting to see whether its support level (green) can prevent a fall below $0.00000880.
If it can’t, the coin may continue to witness further falls in the near term.
Yet Shiba Inu’s longer term picture arguably looks much better, with the coin’s burn rate increasing substantially yesterday as a result of a Shibarium update.
If you don’t know yet #Shibarmy, as
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