SHIB Must Hold $0.00000699 Support as Burns Spike — Short-Term Bearish Until $0.00000758 Break
Shiba Inu (SHIB) has weakened across both reportings. Latest price sits near $0.00000708 (down ~1.4% 24h, ~9.7% 14d, ~11.9% month) versus an earlier note around $0.00000792. Key intraday and daily technical levels: primary support is the 0 Fib near $0.000006988 — a daily close below that opens the path toward ~$0.0000065. Immediate resistance lines are the 0.236 Fib at ~$0.00000758 and the 0.382 Fib at ~$0.00000794; reclaiming and holding above $0.00000758 is necessary to blunt near-term bearish momentum. Momentum indicators are weak (RSI ~37; Chande near neutral in earlier note), indicating limited buying pressure and consolidation within a short-term downtrend from November highs. On-chain metrics show elevated burn activity in both updates: one report recorded a 1,706% spike with ~35.37M SHIB burned (including two large burns), while the later update cites a 75.56% 24h increase with ~2.6M SHIB burned (notable single burns ~1,000,000 and ~396,716). Circulating and total supply remain large (total supply ≈589.25T earlier; ~585.27T circulating), with a substantial share already burned historically. For traders: monitor whether the $0.000006988 support holds or breaks (break = likely deeper decline toward $0.0000065); a sustained breakout above $0.00000758 is needed to shift momentum bullish. Elevated burn rates are a potential supply-reduction tailwind but may be transitory; treat burns as a secondary bullish factor unless they persist and materially lower circulating supply. This is informational only and not financial advice.
Bearish
Both updates show a price bias toward the downside and weak momentum indicators. Price is trading below key Fibonacci mid-levels and must reclaim $0.00000758 to neutralize short-term bearish momentum; failure to hold the 0 Fib support around $0.000006988 increases the likelihood of a drop toward ~$0.0000065. Although burn activity rose sharply in both snapshots, the absolute burned volume remains small relative to the enormous total supply, making the effect likely short-lived unless sustained. For short-term traders, the risk is increased volatility and downside bias until SHIB stabilizes above the immediate resistance. Longer-term effects are neutral-to-slightly bullish only if burns remain consistently high and materially reduce circulating supply. Therefore, the immediate price impact is classified as bearish.