Shiba Inu Price Jumps on 149% Burn Spike, Will it Bounce?
The Shiba Inu token has been experiencing a decline in price over the past few weeks. However, recent data from Shibburn shows that burn activity has increased significantly, with a 149% spike in token burns compared to the previous day.
This increase in burn activity could potentially signal a shift in the market direction and lead to a bounce in the Shiba Inu price. According to technical analysis, a confirmed 4-hour close above $0.00000510 would be a sign of a genuine bounce attempt.
The current market data shows that the Shiba Inu price is trading inside a descending channel on the 4-hour chart, with the RSI reading at 28.80, indicating oversold territory. If the price breaks above $0.00000510 and holds above it, it could open up a path towards the channel's upper boundary near $0.00000540.