SHIB Burn Rate Increases by 6,260% as Analysts Predict 17x Price Surge
Shiba Inu (SHIB) is trading at approximately $0.00001220, down 3% over the past week. Analysts suggest a potential surge of up to 17x.
- The token's burn rate increased by over 6,260% in 24 hours.
- More than 4.55 million SHIB tokens were burned recently, totaling over 410.75 trillion SHIB since launch.
- The current market capitalization is $7.2 billion with a 24-hour trading volume of $152 million, down 15%.
Price Analysis
- SHIB has been consolidating within a symmetrical triangle pattern since mid-July, indicating potential volatility.
- A decisive close above $0.0000130 could lead to targets of $0.0000150 and $0.0000200.
- Analyst CryptoELITES predicts a parabolic rally towards the $0.0002 mark.
On the 4-hour chart, Bollinger Bands are tightening, signaling a possible breakout. The RSI is neutral, allowing for significant moves. Key support levels are around $0.0000120 and $0.0000115.
SHIB daily price chart with symmetrical triangle pattern. | Source: TradingView
SHIB 4-hour price chart with the RSI and Bollinger Bands. | Source: TradingView
SHIB 4-hour price chart with the MACD. | Source: TradingView