Amid the recent bull run, while other cryptocurrencies have seen impressive gains in recent weeks, the price of Shiba Inu has been disheartening. SHIB has only gained 35% in the past four weeks. However, Dogecoin is up 143% over the same period and PEPE posted an impressive monthly gain of 105%.
Analysts look for bullish indicators
Analysts are paying particular attention to indicators that could point to significant movement for SHIB in the coming days. Technical analyst Cantonese Cat thinks SHIB is on the verge of breaking out above the weekly Ichimoku Cloud. This could mark the start of a strong uptrend after a prolonged period of dull price action.
If the breakout occurs, the analysis suggests that Shiba Inu should overcome $0.00003100 as an immediate resistance level, potentially paving the way for a move towards the $0.000037 region, which was last seen in March.
Furthermore, Shiba Inu could also target the annual high of $0.000045 and potentially reclaim previous peaks from 2021, setting the country up to finally hit an all-time high.
Other analysts have also shared bullish views on Shiba Inu based on various technical indicators. The analyst behind the InvestingHaven platform has also pointed out that Shiba Inu is consolidating at a critical Fibonacci level, maintaining its bullish targets for 2024 and that a price of $0.0000555 remains achievable for Shiba Inu before the end of the year .
Potential rally imminent?
Shiba Inu memecoin appears to be gearing up for a potential rally as a significant number of SHIB tokens have been delisted from exchanges over the past three days, indicating strong activity.
Notably, Shiba Inu coin holders have withdrawn a total of 5.45 trillion tokens from the exchanges over the past three days, worth about $162 million, indicating they plan to hold them for a long time. If this continues, SHIB’s price could skyrocket quickly.
Crucial for SHIB holders to maintain positions
Also, several short-term SHIB holders have refrained from selling the token in the past 30 days, implying that most holders still retain some ownership. A decline in this measure, on the other hand, implies most selling, which could prove bearish for the cryptocurrency.
Therefore, it is crucial that these SHIB holders maintain their position in the short term so that the token does not experience a decline in value.
SHIB outbreak soon?
On the daily chart, SHIB’s price forms a bull flag, indicating a possible continuation of the uptrend. This pattern resembles a flag on a pole and suggests that once the consolidation phase ends, the price is likely to breakout. It is striking that the price of SHIB seems to follow this pattern. If buying pressure increases, the token’s value could rise to $0.000030. However, if more tokens are moved to the exchanges, the memecoin could drop to $0.000020.
The SHIB community has witnessed a massive increase in the burn rate, which has increased by 23,265.28% in the last 24 hours. This unprecedented spike in burn rates has sparked optimism in the community, with many speculating on a possible price increase.
Credit : coinpedia.org
