• SHIB’s price increased and an exchange supply decrease indicated renewed confidence.
• Signs of respite have started to appear with the decreasing exchange supply and increasing SHIB burn rate.
• The Moving Average Convergence Divergence (MACD) remained in the negative region, however bulls have been pushing up the SHIB price since $0.00000649.
Shiba Inu Price Hike
Shiba Inu [SHIB] price rose by 2.74% in the last seven days, indicating signs that the respite season might be on its way for this meme-based cryptocurrency. Santiment data shows a decreasing supply on exchanges since 10 June, which could suggest renewed optimism around the token value.
Moving Average Convergence Divergence (MACD)
Despite these encouraging signs, the Moving Average Convergence Divergence (MACD) remains in its negative region still, suggesting that selling momentum is still at play. Bulls have been pushing up the SHIB price since $0.00000649 after a long sliding period. If bulls can continue to buy into this token, then there is a chance that momentum will shift away from bearishness.
Burn Mechanism
The Shiba Inu burn rate has recently changed tune as well – it had decreased for some time but has now seen an increase of 281% over 24 hours. This mechanism involves removing tokens from circulation and potentially increasing their long-term value as supply decreases; if sustained, this hike could encourage holders to stay confident in their holdings when bull market returns eventually come around again.
Conclusion
Overall, while there are encouraging signs that Shiba Inu’s respite season may be approaching, it is too early to tell whether or not this trend will sustain itself due to technical indicators such as MACD remaining in negative territory and bulls only having pushed up prices since $0.00000649 after a prolonged slide down charts before then. Nevertheless, changes in exchange supply and burn rates definitely indicate an overall positive sentiment towards this meme-based cryptocurrency – so watch out for further developments!