Shiba Inu (SHIB) is experiencing a surge in its burn rate, with a 150% increase being observed. However, the price of SHIB has not been impacted significantly by this development. Despite millions of tokens being burned and transferred to dead wallets, the market response in terms of price action has been minimal.
Analyzing the SHIB price chart reveals important resistance and support levels that play a crucial role in understanding the current market behavior. The token has tested the local resistance level at around $0.00000971 but has not convincingly broken through it. On the other hand, the token has found support at approximately $0.00000899, providing some price stability in recent trading sessions.
Taking a closer look at the chart indicators, the 50-day moving average and the 200-day moving average are significant in analyzing the trend. Currently, the price is consolidating between these two moving averages, indicating a lack of a clear directional trend.
Additionally, the Relative Strength Index (RSI) is hovering around the 44.46 mark, suggesting that SHIB is neither overbought nor oversold. This lack of extreme RSI levels offers no immediate signals for a potential price breakout or breakdown.
Overall, despite the surge in burn rate, the price of SHIB remains uncertain and influenced by various market factors. Traders and investors will need to monitor the resistance and support levels, along with the moving averages and RSI, to gain a better understanding of the potential price movements in the near future.