Shiba Inu (Shib), the world’s second largest meme-mint, is ready for a price recovery due to bullish price action and an impressive 24-hour burn speed. Data from the Shib Burn Tracker recently revealed in a message on X (formerly Twitter) that the fire speed of the Meme Munt has risen with a stunning 4,137.17%, with 31,556,987 Shib -Tokens burned in the last 24 hours.
Shiba Inu (Shib) Price Momentum
This significant rise in the burn speed has attracted a lot of attention from crypto enthusiasts, because it can help reduce the supply and further stimulate price momentum. SHIB is currently being traded near $ 0.0000143 and has registered a modest price increase of more than 0.50% over the past 24 hours. However, the Meme Munt has lost more than 22% of its value in the last 30 days.
Shib price action and upcoming level
With this significant price fall, SHIB recently tested a crucial level of support at $ 0.000013, which has historically succeeded as a rebound zone. According to the technical analysis of experts, Shib Beerarish seems and he could fall by 20% in the coming days. These Bearish prospects are powered by the prevailing negative market sentiment and the formation of a doji candle at the resistance level of $ 0.000015.
In the midst of the Bearish price action, traders seem to lose interest and apparently seem to leave the trade in the Shib. Data from on-chain analysis company Coinglass It appears that Shib’s Futures Open Interest (OI) has fallen by $ 531 million to $ 151 million, where this number continues to fall.
Large liquidation areas
At the time of pressure, the most important liquidation areas are $ 0.00001413 at the bottom and $ 0.000015 at the top, where traders at these levels are used too much.
If the market sentiment remains unchanged and the price drops to the $ 0.00001413 marking, almost $ 350k will be liquidated in long positions. Conversely, if the sentiment shifts and the price rises to $ 0.000015 Mark, almost $ 750k are liquidated in short positions.
These on-chain statistics show that active traders are currently bearish on Shib, in the conviction that the price of the meme coin will not easily cross the $ 0.000015.