Shiba Inu’s price surge has everybody talking right now as burn rates are skyrocketing by an incredible 62,000%. This popular dog-themed cryptocurrency is currently facing a pretty critical supply test that could determine if SHIB will experience that 50% price rally everyone’s been hoping for. At the time of writing, SHIB is trading at around $0.0000126, which is down about 3.69% from yesterday, and all eyes are definitely on whether this Shiba Inu price surge can somehow overcome those key resistance levels that have been holding it back.
Also Read: Buy Silver Now: XAG/USD To Reach $35, Spike 15% YTD
Will Shiba Inu’s Burn Surge Fuel a 50% Price Rally?
The 549 Trillion SHIB Challenge
According to the latest data from IntoTheBlock, any real Shiba Inu price surge depends on breaking through some substantial resistance between $0.000014 and $0.000019. This particular zone actually contains around 549.14 trillion SHIB that’s currently being held by approximately 165,890 different addresses at an average purchase price of about $0.000016.
This massive supply wall has consistently and repeatedly blocked any significant price increases for quite some time now. For any substantial Shiba Inu price surge to occur, there needs to be some really strong buying momentum to overcome this challenging supply situation that’s been developing.
An extra 27.17 trillion SHIB tokens are also being held between $0.000012 and $0.000014 by around 53,910 addresses near the current trading range, and this is creating another immediate hurdle that buyers need to get past first.
Also Read: Dogecoin: DOGE Primed For A 200% Surge: Here’s When
Recent Price Action
Shiba Inu price surge attempts have faced some serious resistance after reaching approximately $0.00001382 on March 16 following three consecutive days of gains. This sudden reversal highlights the difficulty in breaking through these established barriers that have been forming.
The SHIB rally potential remains very closely tied to both the burn rate and the overall market sentiment at this point. Traders generally expect support somewhere around the $0.0000108 level, which previously halted some serious declines on March 11, and sparked a noticeable price rebound afterwards.
Crypto market trends are suggesting that investors are carefully watching both SHIB’s technical indicators and also the broader market conditions before they commit to any larger positions at this time.
Potential Price Outcomes
If Shiba Inu successfully manages to breach that massive 549 trillion SHIB resistance level, a pretty significant Shiba Inu price surge could potentially reach all the way up to $0.000019 – which would represent an impressive 50% increase from the current levels we’re seeing.
However, if it fails to overcome this stubborn resistance, we might see a period of consolidation or even a notable pullback in price. The SHIB rally potential depends on maintaining strong support above that critical $0.000012 level to preserve any kind of bullish momentum going forward.
The Shiba Inu burn impact continues creating the kind of scarcity that could potentially help overcome these resistance levels over time. Meanwhile, this week’s Federal Reserve policy meeting may significantly influence the broader crypto market trends, with the Fed planning to announce its important monetary policy today.
Also Read: BRICS: New Country Plans to Reduce 25% of Trade Without US Dollar
As this critical supply test continues to unfold day by day, the wider crypto market trends will likely influence whether or not SHIB can generate enough momentum to finally break through and potentially begin a brand new bullish phase for this incredibly popular meme token that has captured so many investors’ attention.
Credit: Source link
