Shiba Inu (SHIB) Rally Predictions

Shiba Inu (SHIB) is experiencing heightened attention as analysts forecast a significant upward movement for the popular meme coin.

Potential SHIB Rally

Based on on-chain data and technical indicators, a potential 20% rally may be in store if SHIB can breach a critical resistance level.

Bullish Technical Pattern

Pseudonymous crypto analyst Satori BTC has identified an inverse head and shoulders pattern forming in SHIB’s price action, indicating a possible market bottom and the end of a downtrend.

Analyzing the four-hour SHIB/USDT chart, SHIB has consistently tested the $0.0000134 resistance level, with a breakout expected to catalyze a rally, potentially reaching the $0.0000160–$0.0000170 range. The bullish trajectory is demonstrated by the green projection on the analyst’s chart.

Related: SHIB ETF Push: Importance of 212 Trading Pairs & 110+ Exchange Presence

Current Price Action and Indicators

Currently trading at $0.00001480, SHIB has gained 10% in the last 24 hours. The breakout above the 20-day Exponential Moving Average (EMA) signals bullish momentum, changing the previous resistance into support.

The Relative Strength Index (RSI) is now at 61.82, nearing overbought territory, indicating potential for a temporary price pullback prior to a more substantial breakout. SHIB’s price movement has also exceeded the upper Bollinger Band, suggesting increased market volatility and a new support level.

Impact of SHIB Burn Rate

Despite the bullish outlook for Shiba Inu, the SHIB burn rate has plummeted by 94.68% in the last 24 hours, with only 1.7 million SHIB tokens burned. A declining burn rate may hinder long-term price growth as fewer tokens are removed from circulation.

Related: Over 535 Million SHIB Burned: Price Increase Amidst Scarcity

However, if a significant SHIB burn occurs soon, it could further fuel the anticipated price surge, possibly allowing a retest of the $0.0000150 resistance for the meme token.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Coin Edition is not liable for any losses incurred from using the content provided.