Shiba Inu price has been on a rebound for about a week now as the crypto class of assets experience a revival in optimism. Notably, the meme token has been in the green for 7 out of the past 8 sessions.
Fundamentals
BTC-lead rebound
As is often the case, altcoins follow the trend set by Bitcoin; the leading cryptocurrency by means of market capitalization. BTCUSD is holding steady above the psychologically crucial level of $20,000 after dropping below it a week ago. At its current level of $23,504.07, the bulls are eyeing the next target at $25,000. From this perspective, Shiba Inu price and other altcoins will likely record further gains in the week’s second half.
Shiba Inu’s burn rate
According to SHIBBURN, Shiba Inu’s burn rate has dropped by 93.58% over the past 24 hours after spiking in recent sessions. Even so, there have been a steadily high number of burnt tokens. As shown on the site’s twitter handle, over 5 million Shiba Inu tokens have been burnt over a span of one hour in two transactions.
Besides, according to WhaleStats, Shiba Inu has the biggest token position by dollar value. This is based on the tracking of 100 Ethereum (ETH) whales.
Shiba Inu price prediction
SHIBUSD has extended the week’s gains; hitting an intraday high of 0.00001306 in Wednesday’s session. Notably, that is its highest level since mid-May. As at the time of writing, it had eased to 0.00001280; up by 5.18%.
As shown on a four-hour chart, Shiba Inu price is trading above the 25 and 50-day exponential moving averages. Based on both the technicals and fundamentals, the meme coin may record further gains over the second half of the week.
In particular, the range between the support level of 0.00001158 and Wednesday’s intraday high of 0.00001306 will be worth watching in the short term. If the bulls are able to gather enough momentum to push the altcoin past the range’s upper border, they will have an opportunity to hit its next target at 0.00001395. Even with a pullback from its current price, I expect the resistance-turn-support zone of 0.00001111 to remain steady in the short term.
