Shiba Inu Price Takes a Hit as Burn Rate Plummets

Shiba Inu's price prediction has turned bearish after the Supertrend flipped against it, indicating a pullback from its recent spike. The token is currently trading near $0.00000520, down 0.95% today.

The burn rate of SHIB collapsed by 61.98% over the past 24 hours, with most recent burns worth between $1 to $7 each. This drop in burn rate may not be a significant concern for investors, as it is still unclear if it will impact the token's overall performance.

The Supertrend flip suggests that SHIB's rebound has run out of room, and prices may extend towards $0.00000467 if this pullback continues. The token currently sits between the 0.382 and 0.5 Fibonacci retracement levels from the April-to-June range, at $0.00000505 and $0.00000536.