Altcoins like Shiba Inu Coin (SHIB) have continued to sustain their uptrends over the past few weeks even as Bitcoin (BTC) consolidates below $35,000. The second-largest meme coin, pushed above resistance highlighted at $0.000008 last week, reinforcing the bullish grip and subsequently the anticipated climb above $0.00001.
Shiba Inu price sits between support provided by the 100-day Exponential Moving Average (EMA) (blue) at $0.00000774 and resistance as highlighted by the 200-day EMA (purple) at $0.00000836.
The meme coin, with a market cap worth $4.8 billion, is trading at $0.00000819 on Monday backed by $165 million in trading volume. Based on the upward position of the On-Balance Volume (OBV) SHIB bulls have the upper hand and with a minor push, the price could blast through the immediate resistance and close the gap to $0.00001.
According to Fibonacci retracement levels, Shiba Inu has the potential to climb 61.8% above its lowest price point in October of 0.00000667 to $0.00000956 in the short term.
However, the 200-day and the 38.2% Fibonacci level are the biggest immediate blockades. Traders would be on the lookout for a fresh bullish start above these two key levels. Buy orders placed above the highest resistance of the two—the 38.2% Fibo would begin locking in the gains at $0.00000956 but highly bullish traders may want to wait until SHIB blasts above $0.00001.
Investors cannot immediately rule out the possibility of declines below $0.000008, which would add pressure to the major support at the 10-day EMA. The 50-day EMA (red) at $0.00000757 would be in line to absorb the excess selling pressure likely to push Shiba Inu to sweep liquidity at $0.0000072 and at the lowest support in October – $0.00000667.
Shibarium, the Ethereum layer 2 scaling solutions protocol dedicated to the Shiba Inu network has processed slightly over 3.8 million transactions since its mainnet launch in August.
According to the Shibarium blockchain explorer, the scaling protocol currently boasts 1.53 million blocks at an average block time of 5.1 seconds. Transactions on the new protocol cost roughly 1.81 Gwei.
The Shiba Inu token burn rate program has suffered a major setback, down 88% in the last 24 hours. Only 900,779 SHIB tokens have been removed from circulation in the period, bringing the available supply to 580 trillion.
Shiba Inu has a total supply of little over 589 trillion tokens, at least 410 trillion tokens have been removed from the supply, with about 9.3 trillion in staking protocols.
The Shibburn rate program is critical to the ecosystem. Its massive token supply has been blamed for Shiba Inu price poor performance since the 2021 bull run. The community hopes that by reducing the available supply, Shiba Inu will be in a position to rally and mimic the previous bull run to the all-time high of 0.00008616.
