Shiba Inu’s massive 2532.14% burn surge – Can it trigger a price rally? – BitRss

• Shiba Inu’s massive token burn surge aims to reduce supply, but the price remains under pressure
• On-chain signals and liquidation heatmap revealed bearish sentiment, signaling potential further price declines

Shiba Inu [SHIB ($0.00)] is in the news again after a massive 2532.14% hike in token burns over the last 24 hours – An encouraging move for its community. At press time, the price of SHIB stood at $0.00001469, underlining a 6.16% fall in the last 24 hours. 

This surge in burn activity highlighted the efforts to reduce circulating supply, which could eventually lead to upward price pressure. And yet, despite this impressive burn momentum, SHIB’s price has remained under pressure since, 

Is Shiba Inu on the brink of a breakout? Key levels to track

Shiba Inu’s recent price action underlined a classic head and shoulders pattern, signaling potential downside if the support levels fail. SHIB seemed to be hovering around $0.0000147, testing its critical support after a significant drop.

Traders should monitor the $0.0000147-level closely as a breakdown could lead to a further fall towards the $0.00001261-level. On the other hand, if the support holds, there may be a chance for a reversal and a retest of the $0.00001718 resistance zone.

Therefore, while…