Shiba Inu Price Surge Suggests Possibility of 70% Rally Amid Increased Token Burns and Positive Market Signals
The post Shiba Inu Price Surge Suggests Possibility of 70% Rally Amid Increased Token Burns and Positive Market Signals appeared on BitcoinEthereumNews.com.
Shiba Inu’s recent price surge captures market attention as its burn rate skyrockets, indicating a potential bullish trend for the cryptocurrency. At the heart of this movement is a 984% increase in SHIB’s burn rate, which suggests robust community engagement and a strategy aimed at enhancing the token’s value. According to COINOTAG, “The remarkable burn rate reflects the strength of the SHIB community’s efforts to curtail supply and bolster prices as market dynamics shift. This article analyses Shiba Inu’s significant price activity fueled by soaring token burns and market trends, projecting a potential 70% price surge. Is Shiba Inu setting up for a 70% price breakout? SHIB recently broke out from a long-standing descending trendline and successfully completed a retest, confirming support at that level. This breakout formed a well-defined cup and handle pattern—a bullish structure that typically precedes strong upward moves. SHIB could rally up to $0.00002096, representing a potential 70% price hike from its press time levels. Additionally, the handle formation highlighted shrinking volatility—a sign that a breakout could occur with strong momentum once price reclaims the $0.00001548-level. Source: TradingView Are SHIB whales accumulating as tokens exit exchanges? Exchange netflow data underlined a sharp drop of 54.5 billion SHIB tokens in the past 24 hours, equating to a -17.1% change. This trend confirmed that holders have been pulling their tokens off exchanges, likely for long-term storage or strategic positioning. As a result, sell pressure on centralized platforms fell, while supporting the crypto’s bullish price action. Furthermore, these outflows seemed to align with historical accumulation patterns seen before major SHIB rallies. This indicated that smart money could be repositioning ahead of a breakout. Source: CryptoQuant Can liquidation clusters boost the bullish momentum? Gate.io’s 24-hour liquidation heatmap highlighted intense liquidation zones just below the press time price, particularly near $0.00001200.…
Filed under: News - @ April 13, 2025 5:15 am