The crypto market has been accentuated by a decrease for three days in a row. The meme assets of Shiba Inu (SHIB), which are battling under post-bearish pressure to lose more than 7% of their value in October, are no exception.
SHIB traded in a narrow range between US$0.00000717 and US$0.0000745 over the last month. Tradingview claims that this dog-mined cryptocurrency from Japan has been repeatedly dragged back into the consolidation zone by the bears and is now getting close to a crucial support level of US$ 0.00000717.
Relative Strength Index (RSI) data displays a rapid reduction in averages below the halfway point in addition to bearish sentiment. This begs the crucial question of whether SHIB can reclaim its lost ground and advance by another $0.000007.
A trend reversal is likely to happen if the bulls are successful in breaking through this negative pattern. Surviving successfully over this point can open the door for additional growth, with the upper resistance level of US$0.00000717 as the next objective.
On the other side, if the bears maintain power, the price of SHIB is probably going to decline. There may be a retest at a lower price, US$ 0,00000651 in the next days, if the SHIB is unable to maintain its position above US$ 0.00000680.
Even though the price is dropping, the burning rate is still high.
Shiba Inu stood out as an anomaly in the middle of the broad withdrawal of the cryptocurrency market. The SHIB burn rate is still outstanding even if many coins are battling with the bearish trend.
Shiba Inu’s burn rate, a metric regularly watched by cryptocurrency enthusiasts, has increased by an astonishing 112 percent. As many as 99,306,678 SHIB tokens have been burned today (11/10), flying from Shibburn.
Shiba Inu has been shielded from the damaging effects of bear trends over the past few weeks by the resistance to burn rates. As of the time this article was being written, SHIB was trading at US$0.00000684, a decrease of 1.6 percent over the previous 24 hours.