Shiba Inu Poised for Rebound as Burn Rate Soars and Whales Accumulate
Shiba Inu (SHIB) may be on the verge of a price rebound.the token hit its lowest point since August 2, trading at $0.00001180 on September 26. However, several positive indicators suggest a potential turnaround.
one key factor is the soaring burn rate. According to Shiburn, the burn rate spiked by 7,200% on Friday, wiht 7.06 million coins burned. This massive burn brings the total incinerated tokens to over 410 billion, reducing the circulating supply to 584 billion.
Whales are also showing interest. They have accumulated 89 billion SHIB, a significant increase from the month’s low of 28 billion. Smart money investors have boosted their holdings by 105% in the last 30 days, adding 12.46 billion coins.
The drop in exchange reserves is another bullish sign. The amount of SHIB in exchanges has fallen to 283 trillion from 297 trillion in July.This decline suggests that investors are holding onto their tokens, anticipating a price rise.
Technically, the SHIB price chart shows a symmetrical triangle pattern. Although the coin recently broke below the lower side, this could be a false breakout. The Relative Strength Index and Chande Momentum Oscillator are at their lowest since June, hinting at a potential rebound.
If SHIB does rebound, it could rally towards the important resistance level at $0.0001477,the highest point on September 14. These factors combined suggest that SHIB may be poised for a significant price increase.
