Key Insights
- Shiba Inu price recovers 4.29% amid increased buying activity around the major demand zone, showing early signs of accumulation.
- Burn rate soars by 10,785%, removing over 120,000 SHIB tokens, boosting community sentiment, and supporting short-term recovery potential.
- A sustained move above $0.00001117 could confirm a bullish reversal, paving the way for gains toward $0.000013 and $0.000016 resistance zones.
The Shiba Inu price traded at $0.00000990 after gaining 4.29% in the past 24 hours. The rebound followed strong buying near the demand zone, reflecting early signs of accumulation. Market data shows SHIB remains within a descending channel but has begun stabilizing as traders defend lower price levels.
After weeks of consistent selling, SHIB bounced from its green demand zone, indicating renewed market interest. Chart patterns reveal a narrowing price range within the descending channel, suggesting potential recovery momentum. Sustained compression often points to accumulation, hinting that buyers are gradually regaining control.
Resistance Levels Define the Recovery Path
Analysts note that a daily close above $0.00001117 could confirm a reversal setup. Such a move might push the price toward $0.000013 and later $0.000016, marking significant resistance zones. Repeated rejections below $0.0000095 highlight firm support, emphasizing that buyers continue to defend these levels effectively.
In the last 24 hours, Shiba Inu’s burn rate skyrocketed by 10,785%, with more than 120,000 SHIB permanently removed from circulation. The community-driven initiative has revived optimism within the ecosystem. Increased token burns often strengthen the scarcity narrative and attract renewed speculative interest.
Community Efforts Support Market Sentiment
The growing participation in Shiba Inu’s burn campaigns continues to demonstrate strong community engagement. As on-chain and technical indicators align, market sentiment shows signs of improvement. Consistent accumulation within the current range may drive further recovery, potentially lifting SHIB toward higher resistance levels in the coming weeks.
