$SHIB ecosystem is heating up as the burn rate spiked 1.822%, removing over 35 million token from circulation in just 24 hour, setting the stage for a technical breakout.
🔹 The sharp drop in supply naturally put pressure on the seller. This is combined with the SHIB team regaining confidence by working with the FBI and Interpol to trace the flow of stolen funds from the previous Shibarium hack.
🔸 $SHIB is trading around 0.00000868, close to the descending channel.
A decisive candle close above 0.00000890 is needed to open the door to the important 0.00001023 level.
The MACD and Parabolic SAR indicator both show that the Bulls are in control.
🔹 Open Interest increased by 14.92% to $91.77 million, indicating that leveraged money is pouring in to get ahead of the trend. Order Flow data also confirm that the buyer are overwhelmingly dominant.
The convergence of on chain and technical parameter is putting SHIB in the most favorable position since September.
Do you think SHIB will break 0.00000890 this week or will it be rejected again?
Follow Trading Insight_Research for further updates. News and information are for reference only, not investment advice. Please read carefully before making a decision.
