SHIB Rises 3% Following Explosive Burn Rate, Analysts Predict Further Upside

Shiba Inu Rallies Over 3%, Outshining Bitcoin Amid Soaring Burn Rate

SHIB reaches new highs as meme coin momentum and burn dynamics fuel optimism.

Shiba Inu (SHIB), the world’s second-largest meme coin by market value, has posted a robust 3% gain in the past 24 hours, climbing to nearly a seven-week high of $0.00001416, based on CoinDesk data.

The rally comes alongside Bitcoin’s record run above $122,000, which has reinvigorated sentiment across crypto markets.

SHIB Outpaces Bitcoin in July Performance

SHIB has surged 20% month-to-date, decisively outperforming Bitcoin’s 13% gain. This outperformance has propelled Shiba Inu’s market capitalization back above the $8 billion mark, bolstered by growing enthusiasm around potential AI-driven projects within its ecosystem.

Trading Insights and Technicals

• Daily Price Action: From July 13 at 12:00 UTC to July 14 at 11:00 UTC, SHIB advanced from $0.000013314 to $0.000013720, recording a 3% increase on significant trading volumes.
• Support Zone: A solid support base has formed around $0.00001309, sustained by 536.21 billion tokens in trading volume.
• Resistance Level: Key resistance sits at $0.000014103, where trading volume spiked to 2.44 trillion tokens.
• Intraday Fluctuations: During the hour from 10:51 to 11:50 UTC on July 14, SHIB dipped around 1%, reflecting short-term profit-taking before stabilizing.

Technicals reveal a bullish trend, with a consistent pattern of higher lows. The 14-day Relative Strength Index (RSI) is approaching 70, indicating strengthening momentum, though not yet entering classic overbought territory.

Burn Rate Sparks Bullish Forecasts

A major catalyst for SHIB’s momentum is its surging burn rate, which has jumped 2,080% in the past week. Analysts believe SHIB could be primed for a rally of up to 1,500% if current trends persist, fueled by deflationary supply dynamics.

Adding to the optimism, SHIB is forming an inverse head-and-shoulders pattern, a bullish technical formation often preceding strong upward moves.

Takeaway:
Shiba Inu is seizing the spotlight again, outpacing Bitcoin’s gains and drawing renewed investor interest thanks to a skyrocketing burn rate and technical signals pointing higher. With strong fundamentals and bullish sentiment, SHIB might be setting the stage for its next big surge.