The Shiba Inu (SHIB) token is displaying signs of a potential bullish reversal as it consolidates around $0.000006155. Technical indicators signal rising buying pressure, while a recent infrastructure upgrade to its Shibarium network triggered a 370% spike in its token burn rate. Analysts note upside targets near $0.000006800 if key resistance levels are breached.
The Shiba Inu token is consolidating within its Bollinger Bands, trading at $0.000006155. A close above the middle baseline could indicate a change in momentum and end the recent downtrend.
Technical indicators lean cautiously positive. The RSI has risen to 55.51, signaling increased buying pressure, while the MACD shows a positive crossover with a green histogram.
Immediate resistance is the upper Bollinger Band at $0.000006350. A breakout past this level may enable the price to reach around $0.000006800.
The immediate support level is around the lower band at $0.000005900 if the price loses steam.
Separately, the Shibarium network completed a significant infrastructure overhaul including server migration and re-indexing. The network is fully operational, but the explorer currently only shows partial information.
Daily network activities are stable post-migration, though explorer statistics appear lower due to incomplete indexing. A significant burn event on March 21 resulted in a 370% increase in the burn rate.
RPC connectivity is fully functional via new high-performance endpoints. Wallets and bridges are operational, and the explorer is catching up to over 270 million actual addresses.
