The destruction rate of SHIB soared by more than 41%, and the price of Shiba Inu is expected to reco

Key insights

Shiba Inu (SHIB) prices remain above US$0.0000404, but major index moving averages continue to limit attempts at a rebound.

More than 410.84 trillion SHIBs have been destroyed, accounting for 41.08% of the initial supply.

Open interest is close to US$32 million, indicating that traders are still looking for stronger bullish confirmation.

Shiba Inu prices traded around US$0.0000412 after buyers defended their June low of US$0.0000404. The overall shape is still biased towards the seller, but the token has now entered a stable state. SHIB continues to trade below the moving average of key indices and futures sentiment is not overly bullish.

However, the targets and price levels discussed in this article are based on technical indicators and do not guarantee future trends. Investors should conduct due diligence or seek the help of financial experts, as cryptocurrencies often exhibit highly volatile transactions.

Shiba Inu prices remain above the June support zone

Shiba Inu prices remain trapped between June lows and nearby resistance. TradingView data shows that the first support area is around $0.0000404, followed by the psychological level of $0.0000400. Daily closing prices below this range may expose SHIB to further decline.

Shiba Inu Price Analysis| Source: TradingView

Immediate resistance is between $0.00000431 and $0.0000436. Closing prices above this range could open up movements towards $0.0000448 and $0.0000475. Bulls will then face stronger resistance around $0.0000495 and the 100-day index moving average of approximately $0.0000503.

The 200-day exponential moving average (approximately $0.0000607) remains the main mid-term ceiling. Support remains concentrated at US$0.0000404 and the psychological barrier of US$0.0000400. Daily closing prices below the region may prolong the downward trend. If sellers force prices to new lows, the rebound target will lose its meaning.

Shiba Inu Price Tracking Destruction and Exchange Outflows

Shibburn data shows that more than 410.84 trillion tokens have been permanently removed. This amount is equivalent to 41.08% of the initial supply (1000 trillion SHIBs).

Destruction activities in the last 24 hours removed approximately 2.18 million SHIBs. This reduction supports the long-term supply narrative, but remains small relative to the supply in circulation. Destruction alone is unlikely to trigger an immediate rebound in Shiba Inu prices.

SHIB destruction rate| Source: Shibburn

Exchange activity suggests holding continues. CryptoQuant data shows that net traffic is close to minus 145.2 billion SHIBs. In addition, 113 billion SHIBs left centralized exchanges. The exchange's total reserves fell to 86.13 trillion coins. Such withdrawals may reduce liquidity on sellers 'exchanges, but do not necessarily lead to a rebound in Shiba Inu prices.

Shibariumscan data shows that after processing 661 transactions on July 21, Shibarium's daily transaction volume reached 1180. This represents a 78.51% recovery from a low base. Internet activity is still well below its previous peak, and the SHIB has not yet reflected this improvement.

SHIB prices need to break through EMA while open interest falls

Derivatives traders remain cautious and open interest decreases. CoinGlass data shows that SHIB's latest open interest is approximately US$32 million. This level is well below the peak recorded during previous leverage rebounds. Lower open interest indicates that traders have reduced their unsettled futures positions.

The continued rebound in Shiba Inu prices requires stronger spot buying and increased trading volume. Open interest also needs to expand with prices. Without this confirmation, the Shiba Inu cryptocurrency market may continue to consolidate above support levels.

Lotte Wallet added physical SHIB collectibles to its Real Coin collection on July 16. The event provides up to 1.5 million SHIBs for eligible spot trading volume. The promotion may increase awareness, but exponential moving average obstacles still control short-term charts.