Shiba Inu Buyers Defend Critical Support Zone Amid Slowing Token Burns

Shiba Inu's price action has been mixed over the past few weeks, but buyers are defending a critical support zone near $0.00000447. This trendline and the 200-period exponential moving average have been key areas of interest for traders.

The bulls' defense of this level could strengthen confidence among traders searching for signs of renewed momentum. A successful defense could also trigger a recovery toward higher Fibonacci resistance levels, but another rejection from support would reinforce the broader recovery structure that has remained intact despite recent weakness.

One of the biggest obstacles facing Shiba Inu is its long-term supply, which still represents nearly half of the original quadrillion tokens. Despite slower token burns, exchange reserves have declined to historic lows of roughly 86 trillion SHIB, representing only about 14.6 percent of circulating supply.