- SHIB price eyes $0.00002600 after forming an inverse head and shoulders pattern.
- Over 4.7M SHIB tokens burned in 24 hours, marking a 1,985% spike in burn rate.
- Shibarium partners with DegenSafe to upgrade network security against scams and hacks.
Shiba Inu price is showing early signs of a strong upward move as a bullish price pattern begins to form. A spike in token burns and a recent Shibarium security upgrade have added to investor interest. If momentum continues, SHIB price could double in value from its current levels.
Shiba Inu Price Targets $0.00002600 After Bullish Chart Pattern Forms
Shiba Inu price is trading at $0.00001261 and has formed an inverse head and shoulders pattern. This pattern is often linked with a possible trend reversal. The neckline of this setup sits near $0.00001306. If the price breaks above this level, SHIB could rally to a target of $0.00002600.
The Relative Strength Index (RSI) currently stands at 48. This is close to neutral, which means there is room for upward movement. Traders often see this zone as a setup for price action to shift into bullish territory, especially when combined with strong volume.
Key resistance points are at $0.00001397 and $0.00001600. If the price crosses these levels, further upward pressure may build. However, if SHIB fails to hold support at $0.00001252, the bullish outlook could weaken in the short term.
Source: TradingView
Despite short-term resistance, SHIB price has managed to stay within its consolidation range and has bounced off important support zones. The chart structure supports the potential for continued growth, depending on how the market reacts in the coming days.
Surge in Token Burns and Shibarium Security Upgrade Boost Investor Confidence
More than 4.7 million SHIB tokens were burned within 24 hours, marking a 1,985% increase in daily burn rate. This sudden drop in circulating supply may help push prices higher, as fewer tokens are available for trading. Token burns are viewed by many in the community as a positive move for long-term value.
Shibarium, Shiba Inu’s Layer 2 network, has also upgraded its security through a partnership with DegenSafe. This move comes as wallet hacks and scams continue to affect users in the broader crypto space. The integration is aimed at strengthening the platform’s defense against these threats.
Both the burn spike and security upgrade point to stronger project development. These factors may improve overall market confidence, attracting both retail and institutional interest. While price movements depend on market participation, these updates support a favorable setup for SHIB price in the short to mid term.
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