Can SHIB Bulls Recover from the Long Term Bearish Trap?

• SHIB has declined by 3.46%, over the past week.
• The burn rate of SHIB has increased by 229% in the last 24 hours.

Shiba Inu (SHIB) began its day bullish as the meme coin rebounded from its recent lows. Some of the analysts are predicting that SHIB can recover and climb up to new highs. Over the past 24 hours, the meme coin’s price has recovered by 2.45%.

On the other hand, according to Shibburn data , the burn rate has increased by 229% in the past 24 hours. Approximately 3.77 million SHIB tokens have been burned across seven transactions, as per the data. 

To date, the Shiba Inu ecosystem has burned a total of 410 trillion SHIB, leaving over 583 trillion SHIB left in circulation. The meme coin recorded over 140 million SHIB burns over the last week. This burn resulted in a spike above 122% in the coin’s weekly burn rate.

Can SHIB Break the Nearby Resistance?

While analysing the monthly price chart of SHIB, it was up by 0.84%. The lowest and highest prices were noted at $0.00001314 and $0.00001993. In the past week, it has declined by 3.46%, from $0.00001837 to $0.00001588. 

In the last 24 hours, the highest and lowest prices were noted at $0.00001728 and $0.00001667, respectively. At the time of writing, the meme coin traded at $0.00001724, with a market cap of $10.15 billion. Meanwhile, the daily trading volume has dropped by 26.26% to $183 million, as per CMC data . 

The short-term 21-day moving average (21MA) and 9-day moving average (9MA) stay at $0.00001727 and $0.00001734, respectively. Both MA’s are seen above the current price action, which suggests the token’s presence in a slight bearish zone. Meanwhile, the daily relative strength index (RSI) is found at 47.41, indicating that SHIB is approaching the neutral zone.

SHIB Price Chart (Source: TradingView )

Shiba Inu price action indicates that if the bulls conquer the bears, the initial resistance can be at $0.00001817. It is expected to climb further to a high of $0.00001937. Conflictingly, if the asset couldn’t climb above the key resistance, it might drop to $0.00001610. Further losses will take the price to $0.00001500.