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SHIB SHIB Price Review and Key Resistance Analysis
Earlier this month, the price of SHIB (Shiba Inu) climbed to a high of about $0.000059 to $0.000060, and then fell back. Currently, the trading price of the token remains around $0.000057, and the overall short-term technical form remains basically unchanged: buyers have recovered from their September lows, but have not yet formed a convincing breakthrough.
Current key price points are still concentrated in the range of $0.00006 to $0.000061.
$0.000006 remains the main obstacle to SHIB's rise.
In the past two weeks, SHIB has tested the $0.00006 area many times, but failed to establish it as an effective support level. Recent technical analysis of SHIB breakthroughs points out that $0.00006 to $0.000061 is the main resistance area. A clear breakthrough in this area will open the channel for further price upward, with the target likely pointing to $0.000067, followed by approximately $0.000072.
In the downward direction, the importance of the $0.000055 to $0.000056 area is becoming increasingly prominent. A break below this range would bring the SHIB closer to the support level of $0.000051 to $0.000052, a key line of defense defended by buyers during the September sell-off.
Burning rates surged, but price response was weak
A potential bullish catalyst has returned sharply recently. According to Shibburn, on October 3, as a large number of SHIBs were permanently removed from the circulation market, Shiba Inu's burn rate soared by more than 17,000% in 24 hours. However, the price of SHIB still trades around $0.0000572 and continues to be subject to resistance.
This contrast is significant because previous experience has shown that token burning often fails to bring about immediate price breakthroughs. Just a few days ago, the burn rate had plummeted by more than 91%, and the price of SHIB remained near short-term support. Recent fluctuations in burning rates show that it is difficult to determine the next trend of prices based on daily burning volumes alone.
