Shiba Inu tests $0.000006 resistance after rebound as burns surge 31,000%

Shiba Inu is currently trading near $0.00000590, maintaining the bulk of a rebound that has driven the token up from around $0.000005 earlier in the month. The meme coin’s price today reached an intraday high close to $0.00000602 before seeing a slight retreat, leaving SHIB just below a resistance level that market participants say could prove critical for the ongoing recovery.

Key Resistance Levels in Focus

Technical analysis highlights the $0.0000060 to $0.0000061 range as the first important breakout area. If SHIB can decisively move above this band with rising buying volume, analysts indicate that $0.0000067 may become the next target, followed by an extension toward roughly $0.0000072.

Earlier this month, the technical picture appeared significantly weaker. On September 16, SHIB was testing support between $0.0000051 and $0.0000052 after repeated failed attempts to reclaim higher levels. At that point, analysts at Coinpaper identified this zone as a pivotal line between stabilization and a fresh decline.

Within three days, however, the token had rebounded nearly 6%, climbing to the $0.0000054 range as buyers began to step in. That recovery has since accelerated, carrying SHIB back to a direct test of the $0.000006 region. Coinpaper’s previous coverage noted $0.0000055-$0.0000056 as the initial barrier and $0.000006 as the next key threshold.

The situation has now shifted: rather than representing a distant milestone, $0.0000060-$0.0000061 stands as the immediate breakout challenge for SHIB.

Burn Rates Accelerate but Price Action Leads

Burn activity in the Shiba Inu ecosystem has also picked up. Data from Shibburn on September 20 indicated that 72.23 million SHIB tokens were destroyed in the past 24 hours, pushing the daily burn rate up by over 31,000%. A total of approximately 111.4 million SHIB was burned in the prior seven days.

Such dramatic percentage increases, however, can overstate the impact when originating from an extremely low base. Coinpaper’s prior analysis demonstrated that even major burn spikes often have limited short-term effect on price, owing to SHIB’s very large circulating supply.

For SHIB to sustain its rebound, traders indicate the coin must turn the $0.0000060-$0.0000061 zone from resistance into solid support. Clearing this area would improve the odds for further gains toward $0.0000067 and potentially up to $0.0000072 as the next upside targets.

Should the price lose ground below the $0.0000057 area, market observers warn that the recent rally could resemble another short-lived rebound rather than the start of a meaningful trend higher.

As meme tokens remain volatile and highly sensitive to trend shifts, monitoring both technical levels and investor sentiment is important. In this context, an internet trend in the meme token market can quickly generate millions of dollars in interest. Fomo App reports a trade involving “Niu Lai,” where an initial $99 investment became about $370,000, standing out as an example. Here, closely tracking not just price but also the timing and token selection of investors has proven essential. Fomo App offers token discovery and trading on a unified platform, complete with social feeds, investor rankings, and live trade notifications.

The post Shiba Inu tests $0.000006 resistance after rebound as burns surge 31,000% appeared first on COINTURK NEWS.