The post Forms Bullish Pattern as Analysts Project $0.0000702 Target appeared on BitcoinEthereumNews.com.

TLDR Shiba Inu (SHIB) displays strong technical indicators suggesting a potential 189% price surge to $0.0000702, based on analyst Alan Santana’s research Token has maintained stability around $0.000024 level for over a month, indicating possible accumulation phase Currently trading at $0.00002755 after an 11.20% weekly correction Shibarium Layer-2 network has contributed to burning 56 billion SHIB tokens through gas fees Project leadership emphasizes ecosystem development and partnerships over token burning alone Shiba Inu’s price movement has captured the attention of market analysts, with recent technical analysis suggesting a potential upward surge of 189%. According to data from prominent cryptocurrency analyst Alan Santana on TradingView, SHIB’s price action displays several bullish indicators that could lead to substantial gains in the coming period. The popular meme token has maintained relative stability around the $0.000024 price level for more than a month, establishing what appears to be an accumulation phase. This period of consolidation often precedes major price movements, according to market technicians. Current market data shows SHIB trading at $0.00002755, following a 7-day correction of 11.20%. Despite this short-term pullback, technical analysis suggests the token could reach a target price of $0.0000702, representing a potential increase of 189.60% from current levels. The daily chart analysis reveals an oval trend pattern with consistently higher lows, typically considered a bullish indicator in technical analysis. This pattern formation suggests growing buyer interest at progressively higher price levels, potentially setting the stage for an upward breakout. On-chain metrics support the technical analysis, with data showing increased network activity and growing ecosystem development. The Shibarium Layer-2 network, specifically designed for the Shiba Inu ecosystem, has emerged as a key driver of token burns through its gas fee mechanism. Recent data indicates that Shibarium has contributed to the burning of approximately 56 billion SHIB tokens since its launch.…

---

Filed under: News - @ December 16, 2024 12:20 pm