Shiba Inu burn rate doubles in 24 hours: Price surge incoming?

Source: TradingView

Shiba Inu price analysis for July 3, 2022, comes on a bearish note for the SHIB token as the meme coin continues its bearish path. In the last 24 hours, we have seen SHIB retain price action above the $0.000009 price level but in the same duration, the token has also lost important support of $0.000010. Interestingly, the SHIB burn rate has continued to increase as we can see from the official data. SHIB token burn rate has surged by a whopping 98%. As noted in our SHIB price analysis for July 2, 2022, the token has claimed to the 14th position in the market.

The data from CoinMarketCap shows that the trading volume for SHIB has dropped by 28.64% in the last 24 hours, while the market cap of the token has dropped by 1.09% in the same duration. Moreover, the Volume / Market Cap Ratio stands at a value of 0.03629, while the Market Dominance of the token dropped to 0.63%. 

The daily candle for Shiba Inu opened at a price of $0.00001008 and reached a daily high of $0.00001013. Moreover, the daily low for the token stands at a price of $0.00000991. The price of 1 SHIB at the time of writing is $0.00000998.

Shiba Inu price analysis on the daily chart for July 3

Shiba Inu price analysis for July 3, 2022, will take into consideration the data from the indicators integrated into the daily chart below.

Shiba Inu price analysis
Source: TradingView

The RSI indicator reads a value below 48 which confirms that the Shiba Inu bulls might take over if the $0.000010 region is reclaimed.

The MACD indicator shows that the MACD line is very close to the signal line while the intensity of the histogram is decreasing.

The Shiba Inu price action is retesting the middle region of the Bollinger Bands as bears try to push out the bulls from the market.

Conclusion

Shiba Inu price analysis for July 3, 2022, ends on a bearish note but the increase in burn rate suggests that bulls are lurking around the corner.

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