400% Rally Predicted for Shiba Inu’s SHIB: Analyst Explains How
Main Idea
Shiba Inu (SHIB) has seen a 37% price surge in the past month, with analysts identifying potential for further growth based on technical patterns and increased burn rate, though some indicators remain less bullish.
Key Points
1. Shiba Inu's price has increased by 37% over the past month but remains below its 2021 all-time high.
2. Analyst Javon Marks noted an Inverse Head & Shoulders pattern on SHIB's chart, suggesting potential for a 400% rally.
3. Another analyst, CW, predicts a 'big upside' if SHIB breaks the $0.000017 barrier; it currently trades at $0.00001474.
4. SHIB's burn rate has surged by nearly 200% in the last seven days, reducing supply and potentially increasing value.
5. CryptoQuant data indicates mixed signals, with some indicators not being bullish despite recent positive trends.
Description
TL;DR Analysts point to strong technical patterns as signs that a major SHIB rally could be brewing. Despite the optimism, CryptoQuant data shows positive exchange netflows, meaning investors are moving SHIB to centralized platforms – typically a signal of rising short-term selling pressure. SHIB Pump Incoming? The price of the second-biggest meme coin has surged by 37% over the past month, but it remains far below the all-time high registered in 2021 and the peaks last year. According to some a...
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