The Shiba Inu (SHIB) community is buzzing with excitement as the meme coin experiences a surge in price and a flurry of positive news. A well-known cryptocurrency analyst, Kevin, has issued a bullish prediction for SHIB, coinciding with a significant spike in the token’s burn rate.
Kevin, a highly respected figure in the cryptocurrency space, has observed a “rounding bottom formation with an inverse head-and-shoulders” pattern on the SHIB chart. This technical indicator, often considered a powerful signal of a bullish shift, has prompted Kevin to project a whopping 50% price increase for Shiba Inu.
Adding fuel to the fire, Shiba Inu’s Moving Average Convergence Divergence (MACD) indicator has flashed a buy signal. This technical indicator is widely used to gauge an asset’s overall trend, and a crossover above the signal line is generally interpreted as bullish.
The news comes on the heels of a significant jump in Shiba Inu’s burn rate, which saw a staggering 389% increase over the past 24 hours. This means that nearly 6.3 million SHIB tokens have been permanently removed from circulation, creating deflationary pressure and potentially increasing the value of remaining SHIB.
This recent wave of positive developments for Shiba Inu coincides with a broader bullish trend in the cryptocurrency market. Bitcoin and Ethereum have experienced significant price rallies, boosting expectations for new all-time highs and fueling optimism among crypto investors.
The current price action of Shiba Inu reflects the bullish sentiment, with SHIB trading at $0.00001897, up 1.98% in the past 24 hours. This surge comes after a strong month for the second-largest meme coin, which has gained over 32%.
Further bolstering the bullish outlook is the recent acquisition of 105.9 billion SHIB, valued at $1.99 million, by an unknown whale from cryptocurrency exchange Coinbase. This massive buy order suggests strong accumulation and anticipation for future price rises.
With a combination of bullish predictions, positive technical indicators, a burning frenzy, and the broader crypto market rallying, Shiba Inu is positioned for a potential breakout. While past performance is not indicative of future results, the current momentum and strong fundamentals suggest that SHIB could be on track for a significant price rally.