Token Burn Propels SHIB As Analysts Eye Critical ‘Gray Box’ Support Level

Shiba Inu (SHIB) has captured the attention of cryptocurrency enthusiasts as it navigates its macro 3rd wave, following a strategic entry at the market’s bottom. As highlighted by Crypto Cipher, an analyst, the key to sustaining this upward trajectory lies in maintaining support at the critical “Gray Box” level, which is a pivotal indicator for bullish momentum. Investors are closely monitoring this threshold, with stop losses now positioned favorably as SHIB continues to exhibit resilience and positive price action.

$SHIB Macro: After catching the exact bottom here is the current view.
Right now we are in Macro 3rd wave. For continuation it must holds Gray Box. Now stop loss moved in profit. #SHIB #SHIBARMY #Powell #cryptomarket #Crypto #BTC #ETH #CryptoNews #Bitcoin #Cryptocurrency https://t.co/dD60IsSQJ8 pic.twitter.com/gag0WOeare

— Crypto Cipher (@CryptoCypher20) April 16, 2024

Over the last 24 hours, SHIB has surged by 3.51%, currently priced at $0.00002257, supported by a robust 24-hour trading volume of $840,726,008. As indicated by Shibburn recent token burn metrics underscores a notable reduction in circulating supply, with 24,360,186 tokens burned in the past day, a substantial increase of 25.92% compared to previous levels.

HOURLY SHIB UPDATE$SHIB Price: $0.00002257 (1hr -0.25% ▼ | 24hr 3.96% ▲ )
Market Cap: $13,304,679,832 (3.61% ▲)
Total Supply: 589,274,398,718,956

TOKENS BURNT
Past 24Hrs: 24,360,186 (25.92% ▲)
Past 7 Days: 798,314,370 (269.91% ▲)

— Shibburn (@shibburn) April 17, 2024

This trend is part of a larger pattern, with a remarkable 269.91% rise in tokens burned over the past 7 days, amounting to 798,314,370 tokens. The shrinking supply potentially contributes to SHIB’s positive market dynamics.

SHIB/USD 1-Day price chart, Source: Trading view

Despite positive price movements, technical indicators offer nuanced insights. The 1-day stochastic RSI reading of 26.27 indicates potential oversold conditions, presenting a potential buying opportunity for traders anticipating a market sentiment reversal. Conversely, the 1-Day MACD signals short-term downward momentum, reflecting the complexity of SHIB’s current price dynamics.

In terms of market capitalization, SHIB stands at $13,304,679,832, marking a 3.61% increase, indicative of growing interest and investment inflows. Notably, SHIB’s total supply remains steady at 589,274,398,718,956 tokens.

Market sentiment, as gauged by the 1-Day ADX reading of 27.08, indicates moderate strength in SHIB’s ongoing trend. This metric suggests a prevailing upward trajectory, aligning with broader market sentiment favoring SHIB’s growth potential.

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