All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- Shibarium’s development and a soaring 1,000% burn rate position SHIB for a potential 18% rally despite recent market pressure.
- Technical indicators, including RSI and trading channel patterns, suggest a likely breakout for SHIB in the near term.
An 18% rally is expected for SHIB as an emerging bullish trend takes shape, making Shiba Inu (SHIB) one of the most talked-about meme coins in the cryptocurrency market and sparking significant excitement among investors.
Following a recent CNF update, the Shiba Inu team has expressed strong confidence that SHIB will record a massive price spike soon. They believe that Shibarium, the network’s Layer 2 solution, remains a major catalyst for driving this coming rally, aligning with the growing optimism in the community.
While the asset gained 2% on Friday, it had suffered losses earlier in the week. Despite this, the outlook appears promising as the token shows signs of reversal. Additionally, with its burn rate soaring by 1,000%, the Shiba Inu community’s efforts to reduce circulating supply could set the stage for a major upward movement.
Technical Analysis and Chart Indicators with the Surge in Burn Rate and Community Support
Notably, John Carter, a technical analyst, observed that this is the fifth time SHIB has approached the lower boundary of its trading channel, increasing the chances of a significant upward reversal. SHIB’s relative strength index (RSI) stands at 44.37, indicating that while the market sentiment is mostly neutral, the asset is slightly bullish.
A sustained upward movement could push SHIB past previous resistance levels, potentially driving prices higher. An additional factor contributing to the growing optimism surrounding Shiba Inu is the surge in its burn rate. The Shiba Inu community has recently ramped up efforts to burn tokens, with a 1,000% increase in the burn rate, removing millions of tokens from circulation.
This increase in burn activity helps reduce the overall supply of SHIB, theoretically boosting the value of the remaining tokens. Despite this positive development, the token’s price has faced some selling pressure, with SHIB trading slightly lower as of the latest updates. This creates a dynamic where the growing burn rate could eventually outweigh the current market weaknesses.
Market Forecast and Potential Breakout
Importantly, Shiba Inu’s recent price behavior on the four-hour chart shows a positive shift. As of now, SHIB is priced at $0.00001829, with a decrease of 8.74% in the past day and 10.91% in the past week. This projection aligns with John Carter’s prediction of an impending breakout, especially as SHIB’s technical indicators suggest a potential upward trend.
