Shiba Inu (SHIB) Bulls Chase Key Fibonacci Levels As It Holds $0.00001034

SHIB’s weekly chart shows a breakout, surpassing major Fibonacci levels and peaking near the 1.272 extension at $0.000185406.

Short-term charts indicate bullish momentum above the 9-period EMA, with Stochastic RSI signaling potential continuation toward $0.0000110–$0.0000115.

Decentralized burn methods use community-driven initiatives for Shiba Inu token management.

Shiba Inu (SHIB) is traded at $0.00001034 as of press with a 24-hour volume of $97.8 million, marking a 4.77% increase this week amid cautious market consolidation.

Technical Breakout and Fibonacci Levels

SHIB’s weekly chart shows a sharp rally, where prices broke through the 0.618 Fibonacci level at $0.000031247 and exceeded the 1.0 extension at $0.000088410. The peak near the 1.272 extension at $0.000185406 signals a strong bullish move.

Source: Charting Guy Via X

SHIB traders are keeping an eye on $0.00004937 and $0.00003125, if the price stays above $0.00008841, it could move toward $0.00027292 and even $0.00047561. But if it falls SHIB might retest mid-level support.

Market Sentiment and Short-Term Trend

The price is above the 9-period EMA at $0.00001020, this hints at a short-term bullish tone. The Stochastic RSI shows the %K line crossing above %D near 83.83, suggesting the token is entering the overbought zone.

Source: CryptoRank Via X

Buyers are currently controlling momentum, but a short-term pullback remains possible. Such overbought conditions provide for potential pauses before continuation moves.

If SHIB remains breaks 0.0000105 resistance, prices could target 0.0000110 - 0.0000115, but failure to maintain the EMA may trigger a retest of 0.0000095 support.

Market Capitalization and Burn Clarification

SHIB’s market capitalization peaked above $6.2 billion on October 22, followed by profit-taking and a temporary dip toward $5.7 billion. Recovery to $6.08 billion by October 26 indicates cautious optimism among investors.

Regarding token burns, Shiba Inu remains fully decentralized. As tweeted by TheDarkShib, no single entity can burn SHIB directly from the contract. Burning requires purchasing tokens from the market and sending them to the burn address.

DarkShib also points out other ways to burn SHIB in a decentralized way, such as using Shibarium, building real-use utilities that consume tokens, or asking exchanges to contribute a small part of trading fees. These steps follow SHIB’s community-driven and decentralized approach.

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