Shiba Inu (SHIB) has witnessed an extraordinary surge of 1411% in its burn rate, resulting in the removal of 61 million SHIB tokens from circulation within the last 24 hours. This surge is attributed to notable advancements in Shibarium, Shiba Inu’s Layer-2 blockchain, and the achievement of significant milestones, boasting a total of 308.07 million transactions. As market observers await the coin’s next move, particularly in the $0.000011 zone, Shiba Inu is capturing significant attention.
Despite facing a bearish market, Shiba Inu experienced a low of $0.000008522 but is now showing signs of a comeback with a 10.63% gain to $0.000009428.
Potential Rebound on the Way?
Market analyst Ali Martinez has identified a compelling buy signal on the Shiba Inu chart using the TD Sequential indicator, renowned for its precision in identifying trend reversals. Martinez emphasized the indicator’s effectiveness in forecasting SHIB price movements and highlighted a current buy signal, indicating a potential upward surge.
Also Read: Shiba Inu Burns Surge: 1411% Price Explosion Sheds Zero from Price
Good Time To Buy SHIB?
The TD Sequential indicator has a track record of impacting Shiba Inu positively. In October, it accurately signaled a buying opportunity at a low of approximately $0.0000066, leading to a bullish surge of 37.47% to $0.000009073 by November. Subsequently, the indicator foresaw a brief correction, resulting in a 28.40% rally and a remarkable peak of $0.00001165 by December 2023.
Despite enduring prolonged bearish trends, the TD Sequential indicator now signals another buying opportunity for Shiba Inu. Martinez envisions a potential breakout that could propel SHIB to $0.000010, encouraging investors to closely monitor the potential move towards the $0.000011 territory. If this forecast materializes, Shiba Inu investors could enjoy a substantial 27.75% gain, considering SHIB’s current market value of $0.000009119.
Current Market Position
In the past 24 hours, Shiba Inu has witnessed a 3.89% price boost, reaching $0.000009323. The trading volume has surged by an impressive 52.89%, elevating its ranking to 19th with a market cap of $5.4 billion. Shiba Inu continues to be viewed optimistically by primary prediction tools, and its strong January performance hints at the potential for a stellar February.
Also Read: Is Solana’s Meme Coin WEN the New Shiba Inu? Traders Record Gains in Millions
Source: https://coinpedia.org/price-analysis/expert-predicts-shiba-inu-shib-price-surge-towards-0-000011/