Shiba Inu’s price continued its recovery this week as Bitcoin and most altcoins bounced back. The SHIB token rose for four consecutive days, hitting a high of $0.0000020, its highest since June 17.
Despite this, the momentum of Shiba Inu token burns has slowed. The largest burn this month occurred on the 11th, with over 72 million tokens burned, but it has since averaged less than 200,000 a day.
Shiba Inu’s rally occurred alongside Bitcoin’s peak at $65,000 and a surge in the crypto fear and greed index. However, its daily trading volume of $650 million was significantly lower than tokens like Pepe, which saw $2.9 billion.
The token’s price crossed a key resistance point at $0.000018, signaling growing momentum. To confirm further upside, SHIB needs to break above the 200-day Exponential Moving Average and close above $0.000020.
Overall, Shiba Inu’s performance highlights the broader market’s recovery and the strategic importance of tracking technical indicators for future trends.
