Shiba Inu Set for 163% Price Surge Amid Bullish Market Signals
The Shiba Inu meme coin (#SHIB) is underperforming in the altcoin market. Analysts predict a potential price rally of 163% for September, driven by a significant increase in the SHIB burn rate of 157,726% last week.
Key Insights on Price Movement
- Crypto analyst Javon Marks notes a bullish setup with a regular bull divergence on the MACD histogram, indicating a possible major price reversal.
- If momentum holds, SHIB may initially rise towards $0.00003, with potential for a further surge up to $0.000081 (570% gain).
- Jonathan Carter confirms a breakout from a descending channel, with consolidation just below the 50-day moving average.
- A bullish move above this average could lead to targets of $0.000014, $0.0000175, $0.0000205, and $0.000025.
- SHIB futures trading volume has increased by 56%, exceeding $200 million, indicating bullish sentiment among derivatives traders.
Expansion Plans
Lucie, Shiba Inu's marketing lead, announced outreach initiatives targeting Asian markets such as Korea, Japan, and China. Despite current price challenges, the focus remains on building the Shibarium ecosystem and fostering long-term adoption.
The team emphasizes that sustainable value comes from utility development rather than solely relying on token burns for price growth.