SHIB Burn Rate Surges: Analyst Predicts Future Price Movements

The SHIB token burn rate has reached notable levels in a remarkable display of activity. Data from Shibburn indicates that 57,468,719 SHIB tokens were burned in the last 24 hours, a slight decrease of 4.82%. 

Over the past week, however, the burn rate has surged by 142.79%. A total of 191,594,996 SHIB tokens were permanently removed from circulation. This significant reduction in supply is stirring considerable interest among crypto enthusiasts and analysts.

Renowned crypto analyst Crypto Jobs has recently provided insights into SHIB’s current and future trajectory. In a recent X post, the analyst highlighted that SHIB is currently navigating a neutral zone. The weekly and daily price range fluctuates between $0.0001850 and $0.0001640. The analyst identifies the local support level at $0.0001700 and a drop below this threshold could see the price decline further towards $0.0001500.

However, the analyst highlights a possible bearish triangle formation in his analysis, which suggests potential downward pressure. He notes that key support and resistance levels are crucial indicators to monitor. The lower key support and magnet level is identified at $0.0001650. The upper key resistances are pegged between $0.0002100 and $0.0001850.

The analyst expresses cautious optimism about SHIB’s price movement. Despite being in a neutral zone, there is potential for an upward trajectory. He advises traders to exercise caution. The analyst suggests that it is wise to wait for lower levels to be tested before entering long positions. His concluding advice is that sometimes, it is better to observe than trade. This resonates with the current market sentiment.

As of press time, SHIB is trading at $0.0000173, marking a 0.53% decline over the past 24 hours. This recent dip comes amid broader market fluctuations, affecting SHIB’s short-term performance. Over the past week, SHIB has experienced a more substantial decline of 9.10%. 

As SHIB continues to capture the attention of the crypto world, the next few weeks will be pivotal. Traders and investors will watch the key support and resistance levels. Overall, market sentiment would also be closely monitored to make informed decisions. The significant burn rate underscores the dynamic nature of the SHIB market.