Shiba Inu has staged a strong recovery following last week’s crypto market crash. After briefly dipping below a key chart structure on October 10, SHIB found support in the $0.00000944 to $0.00001000 demand zone. This area has historically attracted buyers, and the recent bounce confirms renewed interest from long-term holders. SHIB is currently trading at $0.00001087, reflecting an 8 percent daily gain and signaling a potential shift in sentiment.
Technical Setup Points to Major Upside Potential
The current price action suggests a bullish continuation may be underway. If SHIB breaks above the $0.00001316 resistance level, it could trigger a rally toward Fibonacci targets at $0.00001484, $0.00001692, $0.00002028, and $0.00002364. These levels represent a possible 120 percent upside from current prices. This setup aligns with broader recovery expectations across the crypto market, especially as investor sentiment improves.
Burn Rate Surge and Exchange Outflows Signal Accumulation
In the past 24 hours, Shibburn data revealed that 5.7 million SHIB tokens were destroyed, marking an 8,194 percent increase in the burn rate. This dramatic spike reflects heightened network activity and growing community engagement. Simultaneously, CoinGlass reported $3.91 million in net outflows on October 13, indicating that investors are moving tokens off exchanges. Such behavior typically signals accumulation and long-term conviction, reducing short-term selling pressure.
Outlook for Shiba Inu Price Momentum
The combination of technical support, rising burn activity, and deepening exchange outflows paints a bullish picture for SHIB. If the token maintains momentum and holds above $0.00001316, it could initiate a breakout phase toward $0.00002364. With investor confidence returning and supply pressure easing, Shiba Inu appears poised for a sustained recovery.
Frequently Asked Questions (FAQs)
- What caused Shiba Inu’s recent price rebound?
SHIB bounced from a key demand zone after the market crash, supported by increased buying and reduced selling pressure.
- Why is the burn rate important for SHIB?
A higher burn rate reduces token supply, which can support long-term price appreciation.
- What price levels should investors watch next?
Key resistance levels include $0.00001316 and $0.00002364, which could confirm a bullish breakout.
