Shiba Inu Price to Break Out to $0.000022: When and How?

Shiba Inu (SHIB) price is showing bullish momentum, with a bullish pennant pattern forming on the 4-hour chart. The pattern suggests that SHIB could be preparing for a breakout, potentially pushing its price to $0.00002200.

Additionally, a sharp increase in the burn rate, with over 20.5 million SHIB removed from circulation in 24 hours. It has added to speculation about the token’s future price movement.

Market analyst Army_Shiba has also expressed a bullish outlook, stating, “$SHIB dip is gone. We’ve seen the first green candle on the weekly chart after five red ones. This is time for reversal.”

Shiba Inu Forms a Bullish Pennant Pattern

On the 4 hour SHIB/USDT chart, a bullish pennant is visible, a continuation pattern that forms after an upward movement. If the price rises and penetrates the upper part of the pennant, the upward trend of SHIB can be expected.

Presently, Shiba Inu price is $0.00001585, which is just slightly below the price limit of the pennant. A confirmed breakout could lead to the price touching $0.00001800, the height of the flagpole being the key to setting the target of $0.00002200.

Shiba Inu Price Technical Indicators Show Bullish Momentum

Several technical factors bear the potential of a breakout in the SHIB technical chart. Hence an opportunity for investors to engage in the token.

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The current RSI of Shiba Inu price is 51.30, sitting slightly above the neutral zone. This reflects a balance between buying and selling pressure, indicating that the market is neither overbought or oversold. With further price movement, there is room for additional upside before SHIB reaches the overbought level at 70. This could signal increased bullish momentum.

The MACD also indicates an upward trend, as the MACD line is located above the signal line and the histogram is forming a positive value. This means that upward pressure is mounting but a break-and hold above the mentioned levels must be achieved to confirm this.

SHIB Burn Rate Surges 807% in 24 Hours

There is an upsurge of the SHIB burn rate of 807% with a confirmation of 20.5 million SHIB out of circulation within 24 hours. The burn mechanism sends SHIB tokens to the unused blockchain wallets and the process lowers the total amount of Shiba tokens.

From the data obtained, the total amount of SHIB tokens that have been burned up to this point is 410.7 trillion. However, the daily burn rate has increased but the overall weekly burn rate is down by 94.6%. However, in the last one week, the burned SHIB tokens amounted to a total of 62.7 million, which is thrice the daily rate.

Whale Transactions and Market Sentiment

There have been reports on the actions indicating that there are very huge transactions involving billions of SHIB tokens in the last few weeks. Moreover, on February 7, there were transfers of over 3.3 trillion SHIB between two anonymous wallets, so whales are actively trading this asset.

Analyst Army_Shiba agrees with the optimistic outlook, adding that the initial green candle on the week after five red ones indicates a possible change in the trend.