Shiba Inu price analysis shows a small downturn in today’s session, following a brief bullish momentum that instilled hope among Shib investors. The token saw a decrease of 2.86% in the last 24 hours, despite a notable 3.7% increase over the past week. The day’s price action brought the memecoin to lows, testing the support levels. The current outlook seems cautiously optimistic as the community eyes a break above the resistance level of $0.00002492 , encouraged by the recent push from bulls that led to a peak of $0.00002307. Market sentiment remains mixed as SHIB tries to sustain its gains and pivot away from the recent sell-off pressures.

SHIB Community Initiates Record Token Burn Amid Market Challenges

The Shiba Inu (SHIB) community has undertaken a massive token burn, skyrocketing the burn rate by an astounding 64,201%. In the last 24 hours, 657 million SHIB were eliminated from circulation through eight separate transactions, with one transaction alone permanently withdrawing 650 million SHIB. The total value of the burned tokens amounted to approximately $13,878. This move comes during a broader market slump, often termed a “crypto bloodbath,” which has seen many cryptocurrencies endure significant declines.

In the past 24 hours, there have been a total of 657,148,384 $SHIB tokens burned and 8 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/wOxiohx4So

— Shibburn (@shibburn) April 14, 2024

This proactive measure by the Shiba Inu community is seen as a bold effort to influence the token’s market dynamics positively. Although the burned amount constitutes only a small fraction of SHIB’s initial one quadrillion total supply, it represents one of the most significant burn events in the token’s recent history.

Concurrently, SHIB has experienced a price decrease of 5.84% within the same timeframe, with its value currently sitting at $0.0000227. On-chain analytics suggest that SHIB is struggling to maintain a critical support zone between $0.000022 and $0.000025. This range is significant as over 57,000 addresses have purchased approximately 51.27 trillion SHIB at an average price of $0.000023. The community now faces the challenge of reclaiming this range to push toward higher resistance levels, or risk dropping to lower support levels, potentially around the $0.000019 to $0.000022 bracket.

SHIB Token Experiences Downward Pressure Towards $0.00002247

Shiba Inu price analysis on the 4-hour chart reveals a challenging environment for the meme coin. The token is currently experiencing downward pressure as it trades at $0.00002247, marking a slight decline. Technical indicators on the 4-hour chart for SHIB/USD pair point towards a bearish sentiment among investors. The Relative Strength Index (RSI) is hovering near the 40 mark, which often suggests neither an overbought nor an oversold condition, but leaning towards a potential bearish bias as it trends downwards towards the 30 threshold.

The Moving Average Convergence Divergence (MACD) has crossed below the signal line, indicating bearish momentum is in play. This crossover is often seen as a sell signal by technical analysts, suggesting that there might be more room for downside. Additionally, the Fibonacci retracement levels indicate potential support and resistance zones. Currently, SHIB is testing a key support level, and if broken, it could lead to further declines, with traders possibly eyeing the next support zone outlined by the lower Fibonacci levels.

The recent market action has seen Shiba Inu’s price struggle to maintain its footing, with price movements constrained within a narrow band. The sideways trading that dominated previous sessions has given way to a more defined downtrend. As the market continues to digest the impact of the substantial token burn and navigates through external market conditions, SHIB’s price remains a focal point for crypto investors monitoring the volatility and market reactions closely.