- Shiba Inu’s price is on track to break out and target the $0.0000154 level.
- The meme coin’s price chart reveals a bullish pennant and a continuation of Shiba Inu’s uptrend.
- A daily candlestick close below support at the $0.0000095 level could indicate a bearish trend reversal for Shiba Inu.
Shiba Inu’s burn rate witnessed a significant spike over the past 24 hours — a whopping 519,456,549 SHIB tokens were burned in a single transaction. Over the past day, 54.18 million SHIB tokens were burned.
Based on data from the Shibburn portal, a total of 410,374,352,155,367 SHIB tokens have been destroyed, permanently removing them from circulation and fueling a rally in the meme coin. Shiba Inu wiped out its losses, posting nearly 5% gains overnight. A bullish pennant has been identified in the Shiba Inu price chart, and ShibArmy can expect a 30% upswing in the meme coin.
Shiba Inu’s trade volume exploded with the rise in activity in the meme coin’s network. SHIB is now among the top 10 cryptocurrencies by volume in the portfolio of the 100 largest whales on the Ethereum Network. This is a key development for the meme coin, and a high volume of whale transactions is typically a bullish indicator for Shiba Inu.
Shiba Inu’s price trend reveals that the Dogecoin-killer is in the perfect position to make an explosive move to the target of $0.0000154. The $0.0000095 remains a key support level for Shiba Inu, and a daily candlestick close below this level will be considered an indicator of a bearish trend reversal.
The flagpole was formed in the third week of June 2022, and the technical formation reveals a breakout at the $0.0000116 level, with a $0.0000154 target. Shiba Inu’s price successfully pushed past the breakout level and is headed to the target of $0.0000154. Investors waiting for further confirmation of the meme coin’s uptrend are watching the $0.0000139 level. If Shiba Inu successfully crosses this hurdle, an extended rally is confirmed, and the meme coin is likely to witness a 30% rally in its price.
SHIB-USD Price Chart (Source: TradingView)
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.