Shiba Inu coin price along with other cryptocurrencies, had a rough start to the week after Bitcoin dipped below $35,000 on Tuesday. However, the markets turned green on Wednesday as Bitcoin gained 2.3%. This resulted in a recovery in meme coins like SHIB, which was up 3.2% at press time.
According to the latest SHIB news, the burn rate of the popular memecoin is accelerating with over 15,919,048 SHIB coins taken out of the circulating supply. About 14.8 million of these coins were burnt in the last 20 hours alone.
SHIB coin, recognized as the second largest memecoin, broke out from the downward trend line last month and is currently retesting it for support. A strong rebound from this level is all that the bulls need to unlock a massive upside by confirming the recent breakout.
However, the only way the Shiba Inu Coin forecast can turn bearish is if the price fails to find support at the 200 MA level. In this case, I expect the coin to fall into the demand zone that lies just below $0.00000076.
This post was last modified on Nov 15, 2023, 17:13 GMT 17:13