Shiba Inu burn rate decreased by over 78% over the past 24hrs
Shiba Inu price has decreased by 4% over the past 1 week and 1% in the last 24hrs
In recent Shiba Inu news predictions, SHIB experienced a decrease in burn rates by over 75% and a 4% weekly. Additionally, the token experienced a further 1% decrease in the past 24 hours.Going forward, technical indicators suggest further price drops. They are suggesting this speculation because the MACD showed negative values while the Stochastic RSI stood in the oversold zone.
Shiba Inu News Predictions and Technical Analysis
The MACD indicator on the 1-day SHIB/USDT chart shows weak signals. This suggested bearish market conditions for Shiba Inu. The MACD blue line below the orange signal line showed evidence for an ongoing bearish market trend.Additionally, the majority of negative bars in the histogram illustrate a market controlled by sellers. The close proximity of the MACD line and the signal line suggested market uncertainty. At the same time, the general trend showed a preference for selling activities.Shiba Price Chart | Source: TradingView The 1-day Stochastic RSI for SHIB/USDT has revealed a bearish pattern after both indicator lines position at the oversold area. The %K line currently stands at 14.14 and the %D line rests at 11.32. This demonstrated an extremely oversold market condition.The price is in a correction phase because bullish momentum is currently weak. Shiba Inu could maintain its downward trajectory until a market reversal develops. Analyst CryptoElites has detected a cup and handle formation pattern on Shiba Inu (SHIB) chart, a sign of bullish momentum.Shiba Inu news predictions highlighted a cup-and-handle pattern in SHIB, where the price forms a rounded shape. This is followed by consolidation, eventually building enough momentum for a strong breakout.Source: XThe price has reached the lowest point of the cup pattern which shows potential as an entry point. Per the analyst, there is strong potential for SHIB to surge rapidly if it surpasses $0.00003117 resistance (the 0.618 Fibonacci level). The price might surge 14X to reach $0.00018272.
Insights on Burn Rate and Supply Dynamics
Shiba Inu tokens experienced a 78.04% reduction in their daily burn rate in the past 24 hours. The total SHIB token burn reached 11,595,691 tokens during this time period. Still, it stood at a reduced level compared to previous burn statistics.Shiba Inu 24hr Burn Rate | Source: ShibburnNotably, lower trading activity, together with reduced community burn initiatives, might explain the reduction in burn rate. The current slow burn rate of Shiba Inu tokens maintains a high total supply. This reduces the short-term ability of supply reduction to boost price rise.In addition, SHIB price fluctuation occurs based on burn rate because supply reduction speed directly affects token scarcity. An increased burn rate creates a more limited supply and drives market prices higher. The current slow SHIB burning rate has prevented a price increase.Shiba Inu news predictions revealed that SHIB has a total supply of 589.25 trillion tokens. On the other hand, the token has the circulating supply of 584.37 trillion tokens.The initial supply of SHIB has experienced 410.75 trillion token burnouts. These burnouts have reduced the circulating supply at the present time.Moreover, the total supply cap for the token stood at 999.98 trillion tokens. Additionally, the token’s circulating supply has decreased due to 4.89 trillion SHIB tokens staked into xSHIB. This additional supply reduction affects both token liquidity and market dynamics.
Shiba Inu 1 Day and 1 Week Price Action
In other Shiba Inu news predictions, SHIB price has exhibited substantial price variations during the last 7-day. SHIB initiated its price movement at a higher level. However, the token plummeted to reach a value of $0.00001222 in that period.SHIB reached its maximum price point of $0.00001271 on April 2nd until selling pressure caused a decline. More so, the trading volume has dropped by 27.38% in the past 24 hours, which indicates decreasing market activity.The market cap also showed a modest 1.59% growth as overall market sentiments keep pushing SHIB prices downward.
