Shiba Inu Primed for a Rebound as Chart Emerges a Buy Signal and Burn Rate Surges 12,842%

Following the emergence of a buy signal on the Shiba Inu chart and the subsequent surge in burn rate, market expert Ali Martinez projects that SHIB is primed for a rebound.

Shiba Inu price has crashed to lower levels recently, but a buy signal on the 1-day chart and a 12,842% surge in burn rate could indicate that SHIB is primed for a rebound.

Shiba Inu has been sliding down to lower levels recently as its price continues to suffer from the broader market sell-off. Following a 24-hour decrease of 11.28%, the dog-themed token has dropped below the $0.00002 range.

At the time of writing, Shiba Inu trades at $0.00001817, down 19.59% on the weekly chart and 27.3% over the past 30 days.

SHIB Primed for a rebound

Despite the recent heavy plummet, two major factors suggest that the asset could be preparing for a price surge. The first factor was highlighted by prominent chartist Ali Martinez, who anticipates an imminent price rebound.

Zooming in on SHIB’s 1-day chart, Martinez identified a buy signal with the popular technical indicator TD Sequential. This signal could indicate a potential reversal in the token’s downtrend. To explain, traders usually interpret this signal as a perfect opportunity to buy an asset.

Shiba Inu Burn Rate Surges 12,842%

Apart from Martinez’s speculation, SHIB’s burn rate has seen a tremendous increase recently. The burn rate has surged 12,842% over the past 24 hours, thanks to the incineration of 12,047,795 (12.04 million) SHIB.

The significance of this exercise cannot be overstated. In particular, it contributes to Shiba Inu’s deflationary strategy by reducing the circulating supply. This could support any attempts of a price recovery.

While the spike in burn rate and Martinez’s positive sentiment on Shiba Inu suggest that the asset could be primed for a price rebound, it is important to note that nothing is guaranteed in the market.

The volatile nature of emerging assets makes it difficult to predict their future performance with precision. Hence, it is essential to conduct due diligence before investing.

News source：https://www.kdj.com/cryptocurrencies-news/articles/shiba-inu-primed-rebound-chart-emerges-buy-signal-burn-rate-surges.html

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