SHIB Resistance Holds as Burn Rate Surges
Shiba Inu (SHIB) has recovered from below $0.000005 in September but remains below the key $0.000006-$0.0000061 resistance zone. SHIB traded near $0.00000576 on September 30 after briefly reaching about $0.00000591, while later CoinCodex data placed the token near $0.0000057-$0.00000572.
A sustained SHIB breakout above $0.0000061 could target $0.0000067 and then approximately $0.0000072 if broader crypto-market sentiment improves. Traders are watching $0.0000055-$0.0000056 as near-term support. A break below $0.0000055 could expose the $0.0000051-$0.0000052 area and weaken September’s recovery.
The latest development was a more than 17,000% 24-hour surge in SHIB’s burn rate on October 3, according to Shibburn. However, SHIB remained near $0.00000572, showing little immediate reaction. This contrasts with an earlier fall of more than 91% in the burn rate, when the token still held near short-term support. For SHIB traders, technical resistance, liquidity and meme-coin demand currently appear more important than daily token-burn fluctuations.
Neutral
The news is neutral for SHIB because the sharp increase in the burn rate did not produce a meaningful price response. Earlier, a drop of more than 91% in the burn rate also failed to cause a decisive sell-off, suggesting that daily burn data has limited short-term influence compared with liquidity, market sentiment and technical levels.
In the short term, SHIB is likely to remain range-bound between support near $0.0000055 and resistance around $0.000006-$0.0000061. A confirmed breakout above $0.0000061 could turn the setup bullish and expose targets near $0.0000067 and $0.0000072. Conversely, a move below $0.0000055 could increase selling pressure and open a path toward $0.0000051-$0.0000052. Over the longer term, sustained demand and broader meme-coin momentum will likely matter more than isolated burn-rate spikes.