Shiba Inus Bullish Pennant Formation Signals Potential Rally
- Shiba Inu displays a strong bullish technical pattern, indicating the potential for significant price growth.
- A recent surge in the SHIB burn rate has reduced the circulating supply, which could positively impact the tokens price.
- The Shiba Inu development team has unveiled plans for a major marketing push in 2024, which could attract new investors and boost the tokens visibility.
Shiba Inu (SHIB), the popular meme coin, is flashing signs of a potential breakout. Technical analysis has pointed out a bullish pennant formation accompanied by decent trading volume. This technical pattern often precedes a significant price surge. This, combined with a recent burn rate of 6200%, has strengthened bullish sentiment, reflecting the law of supply and demand.
In the 1-hour chart, a bullish pennant has emerged which indicates a period of consolidation before the next big move. This bullish pattern, along with increasing trading volume and a surge in the burn rate, suggests that SHIB is gearing up for a potential price surge.
As per Shibburn data, 290,321 tokens were sent to dead wallets or permanently removed from circulation. This uptick in burn activity underscores the communitys initiative and the heightened interest in the meme coin as market supply tightens. A weekly reduction of 135 million SHIB tokens has fueled the bullish sentiment.
To top that, the number of Shiba Inu holders has reached a record high of 1,427,381, indicating strong community support and growing investor interest. This bullish sentiment, coupled with the potential catalyst of the upcoming US presidential inauguration, could further fuel the rally.
Shiba Inus consolidation phase looks like its closing. Now we accumulate til the next catalyst which IMO (Not advice) looks like January 20th during the inaugural ceremony of the next President of the United States of America. Who is pro-cryptocurrency?
Shiba Inu Developer Teases Aggressive Marketing Plans for 2024
While its important to note that cryptocurrencies are highly volatile assets, the current market conditions and technical indicators suggest that Shiba Inu may be poised for a significant upward move.
Meanwhile, Shiba Inus Shytoshi Kusama has sent out a teaser hinting at a major marketing push in 2024. Kusama, a key developer of the project, recently announced that an extensive marketing plan has been approved by the Shiba Inu team.
While specific details are not yet revealed, Kusama urged the Shiba Inu community to reach out to their favorite cryptocurrency exchanges and voice their support for the project. This suggests that the marketing campaign may involve significant exchange listings or partnerships.
Read more: https://www.tronweekly.com/shiba-inu-bullish-pennant-rally/
Text source: TronWeekly
