Shiba Inu Price Jumps 6.1%, Traders Eye 9% Rally as Channel Holds
Shiba Inu's price has been on an upward trend over the past day, rising by 6.1% to $0.00000534. The token is currently trading within a well-defined ascending channel, with its price recently pulling back toward the channel's midline after testing its upper band.
The hourly chart shows that Shiba Inu has been trading inside this channel, and analysts are watching for a potential breakout. If volume increases and the price clears $0.00000546, the next resistance level sits at $0.00000561.
A confirmed break above the channel's upper boundary would open the path toward $0.00000584, which represents roughly a 9% move from the current price. On the other hand, if buying pressure fades and the price breaks below $0.00000526, the setup shifts bearish, with potential support levels at $0.00000507 and $0.00000489.
The Shibburn tracker reported 9,913,821 SHIB burned in the past 24 hours, worth roughly $49.48. This burn rate fell 48.24% compared to the prior period, suggesting that the community is slowly reducing the total supply of Shiba Inu coins.