- SHIB price exhibits a bullish double bottom, whereby it has a lot of support at 0.000010.
- SHIB burn rate has rocketed up 3,800 percent and 85M tokens have been scorched in recent weeks.
- The transactions in whales increased by 188% indicating increased investor activity.
Shiba Inu price may be on the verge of a significant rally. The cryptocurrency has created a bullish pattern, and factors like an increased burn rate and rising whale transactions could help push SHIB’s price to $0.0000254 in the near future.
Shiba Inu Forms Bullish Double Bottom Pattern
Shiba Inu price has a double bottom formation and a price has developed solid support at 0.000010. SHIB has been held above this price point on several months of price swings, indicating the consistent interest of buyers.
Each time the price approaches $0.000010, it rebounds with a strong uptrend, though resistance at $0.0000159 has capped further growth.This opposition constitutes a neckline now and in the event where the price breaks the neckline, SHIB price may increase by 59% to$.0000254.
The 50-day simple moving average (SMA) and 150-day simple moving average are converging and indicate a bullish sentiment. Historically, the convergence of these SMAs led to strong price gains in SHIB price, including a rise in price between $0.0000168 to $0.000033 within two months.
Source: TradingView
Although history does not determine future performance, technical indicators, such as the RSI indicate that the short-term goal of achieving a value of 0.0000254 is quite possible.
Provided that the SHIB price manages to stay in trend and overcome resistance, further price growth may be observed. Generally, the dynamics of the cryptocurrency is indicative of its bright future within a very short time frame.
SHIB Whale Activity Adds to the Positive Sentiment
Data from Shibburn indicates a significant surge in Shiba Inu’s burn rate, which has risen by over 3,800%. More than 85 million tokens have been burned, reducing the circulating supply. Although this is a small fraction of the total supply, past burn rate increases have led to price spikes, suggesting this could support a bullish trend.
Whale transactions meanwhile also exploded. The number of whale transactions grew by more than 188% in a span of only 48 hours; that is, 1.28 trillion to 3.69 trillion SHIB. This shows that there is an increasing concern by big investors.
The combination of these factors and the bullish crossover on the technical charts made Shiba Inu target the level of the $0.0000254. The price of Shiba Inu has more room to increase as burn rates and whale activities keep increasing.
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