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- Javon Marks predicts SHIB could trigger a bullish breakout from a massive Falling Wedge pattern soon.
- A 498% potential rise for SHIB is possible, fueled by confirmed bullish signals and investor activity.
In a tweet, famous cryptocurrency analyst Javon Marks noted a major shift in the price activity of Shiba Inu (SHIB). According to Marks, SHIB is nearing a critical point in a big Falling Wedge pattern on the daily charts. This pattern, which has been forming for some time, is now approaching a convergence or breakout point.
Confirmed Bullish Divergence Sparks Hopes for a SHIB Surge
To add to the excitement, a regular Bullish Divergence was recently confirmed, which usually indicates a prospective upward rise. Marks feels this could be a forerunner to a bullish breakthrough, potentially ushering in a new period of intense bullishness for SHIB.
Furthermore, Marks notes that the aim of $0.000081 is still in play due to a previously reported greater breakout. If this target is realized, it would represent an incredible 498% rise over current prices, implying a considerable upside potential for SHIB holders.
As of this writing, SHIB is trading around $0.00001505, down 1.67% over the last 24 hours. This decline has also caused SHIB’s market cap to fall below $8.88 billion.
In line with Marks’ bullish forecast, CNF previously reported that another well-known analyst, Crypto Check, sees potential for a significant price increase in SHIB.
Crypto Check predicts that SHIB will repeat its 300% gain in February, which was fueled by significant investors stealth accumulation of the coin. This accumulation period may give SHIB the required momentum to continue on a substantial upward trajectory.
In addition to these optimistic signals, Shibburn’s latest data shows a significant increase in the SHIB burn rate. Over the last 24 hours, the burn rate increased by 1348.22%, with 69,526,694 tokens withdrawn from circulation.
HOURLY SHIB UPDATE$SHIB Price: $0.00001558 (1hr -0.20% ▼ | 24hr 2.01% ▲ )
Market Cap: $9,172,847,750 (1.78% ▲)
Total Supply: 589,271,923,614,761TOKENS BURNT
Past 24Hrs: 69,526,694 (1348.22% ▲)
Past 7 Days: 112,473,081 (688.35% ▲)— Shibburn (@shibburn) August 25, 2024
This significant increase in the burn rate indicates more activity and interest in the Shiba Inu token, which may lead to its future price appreciation.
On the other hand, the Shiba Inu ecosystem is not restricted to SHIBs. As we previously reported, the token LEASH, known as the “Dogekiller,” has also received notice. LEASH is projected to play a critical role in the ethical management of the Shiba Inu ecosystem, particularly in terms of environmental and ethical criteria.
With a restricted supply of only 107,000 tokens, LEASH’s exclusivity provides access to exclusive opportunities within the Shiba Inu ecosystem, reinforcing its relevance in the larger Shiba Inu community.
