Shiba Inu Bulls Gain Momentum, Price Breaks Above Key Support
- Shiba Inus price has bounced off the support zone at $0.00001680.
- The price has broken above the 100-day moving average (MA).
- SHIB could break out of the descending channel if the momentum continues and moves toward its main target of $0.000029.
The price of Shiba Inu has been on a roller coaster ride marked by consolidation and a brief price surge in the past few months. However, the token has recently broken away from a descending channel, hinting at signs of a potential recovery on the horizon.
As seen in the 1-day chart below, SHIBs price has recently bounced off the support zone at $0.00001680, breaking above the 100-day moving average (MA). This suggests that the bulls are regaining control and that a further upside move may be in the cards.
If the momentum persists, Shiba Inu could break out of the descending channel and move towards its main target of $0.000029. This would represent a significant gain from the current price level.
Shiba Inus Burn Rate Soar
Excitement is growing among SHIB investors as speculation intensifies about the possibility of a Shiba Inu exchange-traded fund (ETF) hitting the market. Such a development could significantly boost the tokens exposure and liquidity, potentially driving a substantial price increase.
SHIB is making waves again, up 33.5% in the last 30 days as it breaks out of a bullish reversal pattern! With speculation surrounding a potential SHIB ETF hitting the market, excitement is building for a 2400% surge that could see SHIB hit $0.0004414. If the SHIB ETF mimics Bitcoins ETF inflows, SHIBs market cap could soar to $260B, making it a top 3 crypto asset. First, it needs to break through resistance at $0.00002200-$0.00002300 (a 125% rise from here), followed by a retest of its all-time high at $0.00008854.
Experts also speculate that Shiba Inus rise is likely influenced by the overall sentiment surrounding Bitcoin (BTC). Additionally, the bullish momentum is likely fueled by a surge in the burn rate of SHIB which skyrocketed by a whopping 1042%, according to data from Shibburn. Over 6.54 million SHIB tokens have been permanently removed from circulation, marking a significant milestone for the communitys efforts to reduce the tokens supply.
Read more: https://www.tronweekly.com/shiba-inu-bulls-gain-momentum/
Text source: TronWeekly
