Shiba Inu Price Tries Holding Trendline Despite Slowing Burn Rate
Shiba Inu's price is being put to the test this week as it faces a sharp slowdown in one of its key metrics. The token's community watches the burn rate closely, and recent data shows that $SHIB tokens burned in the past 24 hours dropped by nearly 93%, even as the weekly burn total rose 76.73%. This uneven activity adds uncertainty to near-term technical analysis.
The daily SHIB/USDT chart on Binance shows the price holding above a rising trendline, which has supported the token since late August. A bounce or breakdown from this level will likely set the tone for the coin's next move.
If Shiba Inu bounces off the trendline and breaks through resistance at $0.00000575, it could extend its move toward $0.00000622. However, if the price instead breaks below the trendline, it would flip the setup toward the downside, potentially testing $0.00000474 and then $0.00000440.