- SHIB could break past $0.00001250 for a potential new ATH.
- Analyst CryptoElites projects SHIB could see a 17x price surge.
- SHIB token burns up by 19.15% in the past week, signaling deflationary pressure.
Market analyst SHIBpossessor predicts that Shiba Inu (SHIB) is poised for significant price movement if it successfully breaks above a key resistance level at $0.00001250. The horizontal price level on the analyst’s chart indicates that SHIB is currently consolidating within this key resistance zone.
After breaking past this resistance, the analyst believes that SHIB will move neatly and rise strongly, possibly to new all-time highs (ATH). The 4-hour chart of the SHIBUSD pair also has a technical pattern that supports this projection, as the price is moving within the $0.00001220 region.
As a result, the analyst recommends purchasing SHIB tokens while the price is low enough for its market value to appreciate if this resistance is broken eventually. Although the current chart levels show a strong support area of $0.00001080, the analyst believes a breakout could take it to a massive bullish formation, attracting more buyers.
Furthermore, the data from CoinMarketCap reveals that SHIB trading volume has grown by 15% in the past 24 hours, signifying positive momentum. This is a positive stance for the market, which suggests that SHIB might break above the resistance zone and move to new highs.
New ATH for SHIB? Target Price Revealed
Another analyst, CryptoElites, also remarks that there’s a lot of potential for Shiba Inu, projecting that the cryptocurrency could see a 17x increase in value. Moreover, based on the chart shared, SHIB appears bullish, with a likely price target of $0.00023.
This projection is drawn from the technical pattern of a symmetrical triangle formation, indicating that SHIB might be preparing for a breakout in any direction. In this case, the analyst expects SHIB to break above the upper resistance and continue to a new all-time high.
On the other hand, key support levels on the chart are highlighted as SHIB bounces off the bottom trendline of the symmetrical triangle, showing strong accumulation. The 17x growth potential reflects the analyst’s optimism about a more considerable price spike. At the time of the tweet, SHIB traded in a narrowing price range, reinforcing the expectation of a large move when the price breaks out of this consolidation.
SHIB Price Shows Positive Momentum, as Token Burns Fluctuate
In their latest update on Shiba Inu, Shibburn tracker noted that the altcoin has increased 0.77% over the last 24 hours, with SHIB currently trading at $0.00001183. In addition, its market cap grew 0.76% to $6.97 billion.
Nonetheless, SHIB recorded a negligible 0.96% decline over the past hour, suggesting a minor stunting of its short-term price action. The token burn activity has also seen significant fluctuations, with only 1,857,632 SHIB tokens burned in the last 24 hours, representing a 97.34% decrease compared to the previous day.
However, on a more positive note, token burns have increased by 19.15% over the past seven days, bringing the figure to 131,657,003 tokens. With this week’s uptick in burns, there is the possibility of increased long-term deflationary pressure on SHIB’s circulating supply, which can positively affect the token’s long-term price.
