Shiba Inu price is stuck in consolidation as buyer interest fades. However, a bullish pattern has emerged, suggesting that a breakout to $0.00023 might happen. Meanwhile, the SHIB burn rate is rising, with 132M tokens being taken out of the circulating supply in the last seven days. Amid these bullish signs, what is the next path for SHIB price?
Analyst Forecasts Shiba Inu Price Rally to $0.0002
According to crypto analyst CryptoElites, Shiba Inu price may be on the verge of a rally to $0.0002. The analyst observed that SHIB was trading within a symmetrical triangle pattern, which often shows that an asset is on the verge of breaking out of a consolidation range.
The analyst noted that Shiba Inu has successfully defended support at the lower trendline of the symmetrical channel three times. If SHIB can flip resistance at the upper trendline, it may kickstart a 17 times rally to $0.00023.
If SHIB can attain this price target, it would have a market capitalization of $135 billion, making it bigger than top altcoins like Ripple (XRP). Hence, achieving such a high price target would require a massive surge in interest from retail and institutions. A reduction in the meme coin’s supply would also support the Shiba Inu price potential to attain this target.
Shiba Inu Burn Rate Soars Amid 132M SHIB Burn
The Shiba Inu burn rate has increased significantly this week. Data from Shibburn shows that in the last seven days, more than 135M SHIB tokens have been removed from the circulating supply. At press time, the burn rate had surged by 107%.
A surge in the burn rate supports a bullish Shiba Inu price prediction. As more tokens are removed from the supply, high price targets such as $0.00023 become attainable.
However, SHIB is under scrutiny from some members of the crypto community for the slow SHIB burn rate. Recently, the founder of WallStreetBets noted,
“Despite burns, SHIB supply remains unchanged. In the world of crypto, size doesn’t matter: it’s the thought that counts.”
Therefore, the SHIB burn rate needs to accelerate to remove a significant amount of tokens from the supply and aid a notable price recovery.
What’s Next for Shiba Inu Price?
Shiba Inu is currently under bearish pressure with macroeconomic headwinds causing a downswing. Additionally, a recent Coingape article noted that active SHIB addresses have dropped significantly, highlighting waning market interest and usage.
Therefore, for the Shiba Inu price to recover, there needs to be a resumption of network usage and trading activity. At the same time, the SHIB burn rate needs to increase significantly to have an impact on the price.
Frequently Asked Questions (FAQs)
Shiba Inu price can rally to $0.00023 if it breaks out of an asymmetrical triangle pattern. For SHIB to attain this level, it would have to surge by more than 17 times.
The SHIB burn rate has increased significantly this week, with more than 132M SHIB tokens being taken out of the circulating supply.
The next thing for Shiba Inu price is a breakout from consolidation. A bullish breakout may push SHIB higher while a bearish breakout could extend the downtrend.
muthoni
Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience dissecting blockchain trends, price movements, and market dynamics. With a sharp eye for technical analysis and an in-depth understanding of on-chain metrics, she delivers insightful, data-driven content that helps investors navigate the fast-paced world of digital assets.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/analyst-forecasts-shiba-inu-price-rally-to-0-0002-amid-132m-shib-burn/
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