Mapping out the aftermath of SHIB’s rigorous token burn campaign

The Shiba Inu burn rate soared the previous week, tagging a new record high. Approximately $61,329,300 worth of SHIB was destroyed last week alone – sending the burn rate 42% higher by Monday 19.

“In the past 24 hours, there have been a total of 61,329,300 SHIB tokens burned and 9 transactions,” Shibburn announced via Twitter.

Despite the skyrocketing burn rate, Shiba Inu price slipped out of a descending triangle pattern, as observed on the 12-hour chart. Support at $0.00001050 cushioned SHIB price from stretching its down leg 46.10% below the breakout point at $0.00001178.

SHIB/USD daily chart

Traders started buying Shiba Inu price after its bearish candle wick tagged a low of $0.00000999 on Sunday, which explains the meme token’s bullish outlook on Monday. SHIB’s new uptrend will remain shaky until the breakout point at $0.00001178 is reclaimed. Otherwise, losses might stretch 46.11% to $0.00000632.

The same daily chart reveals a bearish signal from the Moving Average Convergence Divergence (MACD) indicator. Shiba Inu price is bound to trend south if the MACD continues negatively divulging from the price. Potential support areas lie at $0.00000999 and $0.00000850; if push comes to shove, downhill levels to $0.00000632 would be tested.

Shiba Inu IOMAP chart

The IOMAP by IntoTheBlock points to a robust resistance range between $0.00001100 and $0.00001200 – likely to arrest the Shiba Inu price bullish move. Around 12,700 addresses previously bundled up 50.76 trillion SHIB tokens. A break above this zone is very unlikely because as Shiba Inu price recovers, holders within the area may sell at their respective breakeven points, cementing the resistance.