Shiba Inu Cryptocurrency Shows Small Recovery Amid Bearish Trend
SHIB Shows Slight Recovery – Is Further Improvement Possible?
The cryptocurrency Shiba Inu (SHIB) has experienced a slight price recovery after days of decline. This has strengthened the hopes for an upward trend. But can SHIB recover even further?
Slight Price Correction for Shiba Inu
Shiba Inu followed the general market trend and recorded a decline on three consecutive days. However, the price was able to recover slightly at the time of reporting and the burn rate had significantly improved. Did the recently announced burn mechanism play a role in this positive development?
After more than a 4% upward development at the end of the previous week, Shiba Inu entered a phase of decline. Between January 21 and 23, SHIB suffered a loss of over 8%, which almost doubled the previous gain.
At the time of reporting, a slight recovery could be observed, with the value having risen by over 1%. However, the Relative Strength Index (RSI) showed that SHIB remained below the neutral line, indicating a bearish trend.
Shiba Inu’s Burn Rate Increases
Data from Shib Burn showed a recent increase in Shiba Inu’s burn rate. A positive trend was noticeable when comparing the burn rate with that of the previous week. As of the time of reporting, over 225.6 million SHIB tokens have been burned, representing a remarkable increase of over 90%.
However, it is important to note that the weekly burn rate is still catching up. The burn in the last 24 hours was approaching 6 million at the time of reporting, but this represents a change of -94%.
This recent increase in the burn rate could be due to a recent announcement from the Shiba Inu team regarding Shibarium.
Although Shiba Inu is showing a slight recovery, the question remains whether the price can recover further. However, with the introduction of the strategic burn mechanism and the increasing burn rate, there are signs that SHIB could be on the path to recovery. It remains to be seen how the market will develop in the coming days.
Sources: AMBCrypto, Trading View, Shib Burn.