Is Shiba Inu Poised for a Breakout as Burn Rate Surges?

SHIB Price Chart, Source: SanbaseWhat is Ahead For SHIB？

Despite this optimism, SHIB experienced a minor intraday decline, with its 24-hour low and high at $0.00002311 and $0.00002478, respectively. Technical analysis reveals a bullish golden cross pattern on its daily chart, as the 50-day moving average has crossed above the 200-day moving average. This formation often signals prolonged upward momentum.

SHIB is currently testing a critical resistance level at $0.00002275. A decisive break above this could pave the way for the token to reach $0.00004, a milestone not seen in months. On-chain metrics further reinforce the bullish sentiment, with a 50.91% positive price-DAA divergence indicating increased network activity and investor engagement.

Moreover, exchange reserves for SHIB have declined by 0.46% in the last 24 hours, suggesting reduced selling pressure and strong accumulation. Open interest has also risen by 4.85% to $101.71 million, reflecting heightened speculative activity.

While Shiba Inu faces resistance and potential corrections, its technical strength and positive market sentiment position it for continued growth.