Altcoins like Shiba Inu Coin (SHIB) have continued to sustain their uptrends over the past few weeks even as [Bitcoin (BTC) consolidates below $35,000](https://coingape.com/altcoin-season-top-performing-altcoins-bitcoin-price/).The second-largest meme coin, pushed above resistance highlighted at $0.8 last week, reinforcing the bullish grip and subsequently the anticipated climb above $0.00001.Shiba Inu Coin Price Prediction As SHIB Consolidates Between Key Support And Resistance [Shiba Inu price](https://coingape.com/price/shiba-inu/) sits between support provided by the 100-day Exponential Moving Average (EMA) (blue) at $0.774 and resistance as highlighted by the 200-day EMA (purple) at $0.836.
The meme coin, with a market cap worth $4.8 billion, is trading at $0.819 on Monday backed by $165 million in trading volume.Based on the upward position of the On-Balance Volume (OBV) [SHIB bulls](https://coingape.com/markets/shiba-inu-price-prediction-will-shib-recovery-hit-0-0000/) have the upper hand and with a minor push, the price could blast through the immediate resistance and close the gap to $0.00001.According to Fibonacci retracement levels, Shiba Inu has the potential to climb 61.8% above its lowest price point in October of 0.
667 to $0.956 in the short term.
However, the 200-day and the 38.2% Fibonacci level are the biggest immediate blockades.Traders would be on the lookout for a fresh bullish start above these two key levels.Buy orders placed above the highest resistance of the two—the 38.2% Fibo would begin locking in the gains at $0.956 but highly bullish traders may want to wait until [SHIB blasts above $0.00001](https://coingape.com/shiba-inu-price-prediction-as-whales-move-millions-of-dollars-in-shib-will-meme-coin-rally-or-fall/).
Recommended Articles Investors cannot immediately rule out the possibility of declines below $0.8, which would add pressure to the major support at the 10-day EMA.The 50-day EMA (red) at $0.757 would be in line to absorb the excess selling pressure likely to push Shiba Inu to sweep liquidity at $0.
72 and at the lowest support in October – $0.667.Shibarium Transactions Rise To 3.8 Million as Shibburn Plunges 88% Shibarium, the Ethereum layer 2 scaling solutions protocol dedicated to the Shiba Inu network has processed slightly over 3.8 million transactions since its mainnet launch in August.According to the Shibarium blockchain explorer, the scaling protocol currently boasts 1.53 million blocks at an average block time of 5.1 seconds.
Transactions on the new protocol cost roughly 1.81 Gwei.The Shiba Inu token burn rate program has suffered a major setback, down 88% in the last 24 hours.Only 900,779 SHIB tokens have been removed from circulation in the period, bringing the available supply to 580 trillion.Shiba Inu has a total supply of little over 589 trillion tokens, at least 410 trillion tokens have been removed from the supply, with about 9.3 trillion in staking protocols.The Shibburn rate program is critical to the ecosystem.Its massive token supply has been blamed for Shiba Inu price poor performance since the 2021 bull run.The community hopes that by reducing the available supply, Shiba Inu will be in a position to rally and mimic the previous bull run to the all-time high of 0.00008616.Related Articles [Ripple CLO Stuart Alderoty Slams Gensler’s Stance On Crypto Legal Counsel As ‘Threat To Rights’](https://coingape.com/ripple-clo-stuart-alderoty-slams-gensler-stance-on-crypto-legal-counsel/?utm_source=24hrsupdateall) [FTX Files to Sell Trust Funds From Grayscale and Bitwise Worth $744 Million](https://coingape.com/ftx-files-to-sell-trust-funds-from-grayscale-and-bitwise-worth-744-million/?utm_source=24hrsupdateall) [Whale Transfers 4.5 Trillion SHIB, How’s Shiba Inu Faring?](https://coingape.com/shiba-inu-news-shib-whale-reshuffles-4-trillion-tokens/?utm_source=24hrsupdateall) [Mauritius Sets Stage for Metaverse in the Financial Sector](https://coingape.com/mauritius-sets-stage-for-metaverse-in-the-financial-sector/?utm_source=priceanalysisbar) [Bloomberg Analyst Warns Against Misleading Bitcoin ETF Posts](https://coingape.com/bloomberg-analyst-warns-against-misleading-bitcoin-etf-posts/?utm_source=priceanalysisbar) [NFT Market Defies Odds, Weekly Ethereum Sales Soar Past 68K ETH](https://coingape.com/nft-market-defies-odds-weekly-ethereum-sales-soar-past-68k-eth/?utm_source=priceanalysisbar) [Terra Luna Classic (LUNC) Price Jumps 5% After This Binance’s Announcement](https://coingape.com/terra-luna-classic-lunc-price-jumps-5-after-this-binances-announcement/?utm_source=priceanalysisbar) [Shiba Inu Coin Price Prediction: Why SHIB Is Set For A Massive Rally This Week](https://coingape.com/shiba-inu-coin-price-prediction-why-shib-is-set-for-a-massive-rally-this-week/?utm_source=priceanalysisbar) [Ethereum Price Prediction As $ETH Breaks 200-day Correction; Is Rally to $3000 Imminent?](https://coingape.com/markets/ethereum-price-prediction-as-eth-breaks-200-day-correction/?utm_source=priceanalysisbar) [Cardano Price Prediction As Whale Transaction Count Exceeds $1M, Can ADA Rally To $1?](https://coingape.com/markets/cardano-price-prediction-as-whale-transaction-count-exceeds-1m-can-ada-rally-to-1/?utm_source=priceanalysisbar) [Pepe Coin Price Prediction: Here’s Why $PEPE May Surge Another 22%](https://coingape.com/markets/pepe-coin-price-prediction-pepe-may-surge-22/?utm_source=priceanalysisbar) [Memecoin Price Prediction: Key Levels to Watch As $MEME Enters Correction Mode](https://coingape.com/markets/memecoin-price-prediction-key-levels-to-watch-in-correction/?utm_source=priceanalysisbar) [Aave Price Prediction: Can $AAVE Recovery Sustain $100 Breakout?](https://coingape.com/markets/aave-price-prediction-can-aave-recovery-sustain-100/?utm_source=priceanalysisbar).
