Despite a 30% decline over the last 30 days, Shiba Inu (CRYPTO: SHIB) continues to see rising burn rates, prompting traders to focus on its critical support levels.
| Cryptocurrency | Price | Market Cap | 24-Hour Trend | 7-Day Trend |
| Shiba Inu (CRYPTO: SHIB) | $0.00002116 | $12.5 billion | -2.1% | -5.1% |
| Dogecoin (CRYPTO: DOGE) | $0.319 | $47 billion | -0.5% | -0.7% |
| Pepe (CRYPTO: PEPE) | $0.00001958 | $8.2 billion | +5.6% | +7.3% |
Trader Notes: Crypto chart analyst Ali Martinez highlighted SHIB's significant support zone between $0.0000215 and $0.0000193.
A trader responding to the post suggested that if these levels hold, SHIB could see a potential bounce.
However, the ongoing bearish momentum increases the risk of breaking below this range.
The trader recommended patience and strategic entries for those considering positions.
#ShibaInu $SHIB most significant support zone is between $0.0000215 and $0.0000193! pic.twitter.com/wgaEbvI96K
— Ali (@ali_charts) December 31, 2024
Benzinga's technical analysis shows SHIB's RSI at 20, signaling oversold conditions and indicating a potential buy signal.
Statistics: According to Shibburn, 1.72 million SHIB were burned in the last 24 hours, with approximately 1 million SHIB burned in a single transaction six hours ago, pushing the burn rate up by 243.3%.
IntoTheBlock data shows a 1.6% decline in SHIB whale transactions, while daily active addresses remained steady at 15.5 billion. Daily transactions on Shibarium rose from 4.6 million to 4.7 million, reflecting consistent activity on the network.
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