- Shiba Inu is testing a crucial downtrend resistance at $0.00001553 after a 12% weekly gain.
- On-chain data shows an 181% burn rate spike and increased large-holder activity.
- A breakout could trigger a measured move toward $0.00001945 for SHIB token.
Shiba Inu (SHIB) has surged 12% over the past week, climbing to $0.00001374 with a market cap of $8 billion as it attempts to break back into the top 20 cryptocurrencies. The token currently sits at rank 22 on CoinMarketCap, looking to flip major assets like TON and LEO.
SHIB Burn Rate Up, Whales Buy
Meanwhile, the SHIB burn rate has spiked 181.26% in the past 24 hours, removing over 821,000 tokens from circulation, according to Shibburn, further favoring the bullish momentum.
Also, IntoTheBlock data shows significant whale movement. Large holder addresses, which include both whales and major exchanges, saw SHIB outflows jump from 183.03 billion tokens on August 7 to 359.6 billion by August 9.
But here’s the drama. While the charts look good, there’s a major leadership debate brewing in the community. CoinEdition’s full story.
SHIB’s Make-or-Break Moment at $0.00001553
SHIB is testing a critical daily downtrend resistance at 0.00001553, a level that has rejected price advances three times in the past.
A confirmed breakout above this zone could pave the way toward higher targets at $0.00003344 and $0.00004551, as highlighted by analyst $SHIB KNIGHT.
The daily chart also shows SHIB trading within a descending triangle pattern, with the price hovering near the breakout point. Bollinger Bands are tightening, suggesting that volatility could expand in the coming sessions.
The MACD is showing signs of a bullish cross near the zero line, while the RSI at 56.19 indicates room for further upside before reaching overbought conditions. Additionally, a positive Chaikin Money Flow (0.04) signals modest buying pressure from market participants.
If SHIB can decisively break above the 0.00001553 resistance, it may trigger an extended rally toward its next major resistance zones. However, failure to clear this level could see the token consolidate within its current range, awaiting stronger market catalysts.
Today’s Outlook: The macro chart looks bullish, but what about the next few hours? Here’s CoinEdition’s specific price prediction for SHIB today.
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