Highlights:
- Shiba Inu has crossed the $0.00001570 and $0.00001943 resistance levels
- If SHIB ends the day above $0.00001943, a rally to $0.00002214 could follow
- Marketwide momentum and SHIB token burns could drive a rally to $0.00002214
Shiba Inu (SHIB) has been one of the standout performers in the cryptocurrency market over the past 24 hours. At the time of writing, Shiba Inu was trading at $0.00001948, up by 13% in the day.
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Technical Analysis – Shiba Inu Rallies Through Two Critical Resistance Levels
The ongoing rally saw seen Shiba Inu shatter the $0.00001570 resistance level on September 26. This marked a pivotal point in its price action, suggesting a market sentiment and momentum change. Building on this strength, Shiba Inu continued to push higher and has today crossed the $0.00001943 resistance level.
If Shiba Inu manages to close the day above the $0.00001943 resistance, analysts predict a potential rally to $0.00002214 level soon. This price point could serve as the next target for bullish traders, and breaking it could see SHIB kill a zero.
On the other hand, if Shiba Inu fails to close above $0.00001943, a short-term correction could be in play. In this scenario, the price might dip back to $0.00001570, now support. This could serve as a consolidation point before another price rally.
Broader Market Momentum Favors Shiba Inu Price
While the possibility of a correction exists, the current odds appear to favor further upside for Shiba Inu. One of the primary reasons is the ongoing bullish sentiment in the broader cryptocurrency market.
Bitcoin, the market leader, has recently broken through a crucial resistance level and is currently heading toward the $70,000 mark. This bullish movement in Bitcoin often spills over into altcoins, particularly those in the meme coin category, which includes Shiba Inu.
Accelerated Token Burn Adds Fuel to the Rally
In addition to market-wide factors, Shiba Inu has several internal dynamics that could help sustain its current momentum. One of the most notable is the ongoing token burn. Over the past 24 hours, the Shiba Inu burn rate has surged by an impressive 772%, with the community burning a total of 15 million tokens.
🔥 Shiba Inu Burn Rate Surges 772%!https://t.co/VoiEMZYa3d
SHIB community destroys 15M SHIB, pushing price up by 2.92%! Is a breakout coming? 🚀
Read about SHIB burn, price action, and Shibarium's future!#ShibaInu #SHIB #CryptoBurn #Shibarium #MemeCoin #DeFi pic.twitter.com/eExINpOOpf— Crypto Update IO 🚀 (@cryptoupdate_io) September 23, 2024
The recent burn rate acceleration for Shiba Inu is a particularly bullish sign. It suggests that the community is actively working to create a more favorable supply-demand balance. With the supply decreasing at a time when bulls are in control, SHIB could go parabolic.
Recap – Shiba Inu Likely Headed Higher
Shiba Inu’s price rally in the last 24 hours makes it one of the top gainers among large-cap cryptocurrencies. Shiba Inu’s ability to break through two resistance levels in under 24 hours, suggests strong momentum. This could see it rally to a high of $0.00002214 in the short term. Such a rally is supported by both market-wide factors and internal dynamics like the accelerated token burn. As Bitcoin’s rally lifts market sentiment, altcoins like Shiba Inu could ride the wave to new heights.
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