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Shiba Inu (SHIB) Burn Rate Surges 150% Amid Price Uncertainty

The burn rate of Shiba Inu has soared 150%, and this event is still the focus of attention as of press time. It is important to acknowledge that the burn rate percentage is essentially a dynamic value that changes rapidly and unpredictably, and the value you see now may differ from the value an hour ago.

Despite the sharp increase in the burn rate, the price of SHIB does not seem to be affected by this specific event. Specific data shows that the burning of SHIB tokens has not translated into a significant price increase trend as people expected.

The burn transactions show a lot of activity, with millions of tokens being transferred to dead wallets in the last few hours, but the market’s response to the price trend is still lukewarm.

As shown by the SHIB price candlestick chart, we observed the key resistance and support levels that are crucial for understanding the current market behavior. The local resistance level is about $0.00000971, which the price has tested but not yet broken through. On the other hand, the token found support near the $0.00000899 mark, which provided some degree of price stability in the recent trading session.

A careful examination of the candlestick chart indicators can provide more data. The 50-day and 200-day moving averages (shown in black) are key to analyzing the trend. Currently, the price is hovering between these two averages, indicating a consolidation phase, but no clear direction trend.

In addition, the RSI is hovering around 44.46, indicating that SHIB is neither overbought nor oversold, and does not provide immediate signals of a price breakout or collapse.

Sentiment: Positive

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