Shiba Inu (SHIB) gained as much as 18% to reach intraday highs of $0.00001263 amid the general crypto market recovery. The Shiba Inu price dipped to a low of $0.0000097 on July 13, but the lower levels garnered strong buying by the bulls. That propelled the price once again to the psychological level of $0.000010. At the time of publication, SHIB was trading up 7% at $0.0000115 after trimming off gains. Per the Shibburn website, the burn rate of Shiba Inu has considerably increased by nearly 538%. This comes as a whopping 519,456,549 SHIB tokens burned in one transaction. Aside from this, millions of SHIB have been sent to dead wallets in different transactions in recent hours. Also, the burning of SHIB is going at a steady rate, with over 1 billion SHIB burned in the last 7 days.
Key Levels
Resistance Levels: $0.00002100, $0.00001800, $0.00001300
Support Levels: $0.00001000, $0.00000855, $0.00000713
SHIB/USD Daily ChartShiba Inu’s rebound continues with further progress on Monday. SHIB/USD has gained close to 7% so far in 24 hours, and the pair has been in sideways trading since May 2022. After a month of consolidation, the surge to highs of $0.00001263 on July 18 can be interpreted as evidence that buyers had taken back control of the direction.
If SHIB decisively crosses above the nearby resistance level of $0.00001300, It could signal a beginning of a fresh bullish leg toward $0.00001800 and the moving average (MA 200) at $0.00002000, or even higher. On the other hand, if today’s strong price action fails to push the SHIB price over $0.00001300, it can drop back into the consolidation region.
SHIB/USD 4-Hour ChartShiba Inu quickly accelerated to highs of $0.00001263 on the 4-hour chart after establishing a solid foothold above the positive convergence of the moving averages (MA 50) followed by the resistance level at $0.00001209. A rally above the $0.00001200 limit would increase confidence in the upward trend, on the upside.
The door would open for the 0.00001300 resistance level should the bulls snap this barrier. After crossing over the latter, the price can go toward the crucial $0.00001800 resistance zone. However, as the RSI moves closer to the overbought zone, a brief pullback may take place. A bearish reversal might find support close to the $0.00001100 level ahead of the MA 50 and 200.
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