Famous cryptocurrency analyst Javon Marks has stated that the price of Shiba Inu (SHIB) could experience significant growth. According to his predictions, SHIB might break out of a falling wedge pattern, leading to a considerable rise.
Javon Marks' Prediction
In a tweet, famous cryptocurrency analyst Javon Marks noted a significant change in the price activity of Shiba Inu (SHIB). According to Marks, SHIB is nearing a critical point in a big falling wedge pattern on the daily charts. This pattern, which has been forming for some time, is now approaching a convergence or breakout point.
Confirmed Bullish Divergence
Adding to the excitement, a regular bullish divergence was recently confirmed, which usually indicates a prospective upward rise. Marks believes this could be a forerunner to a bullish breakthrough, potentially ushering in a new period of intense bullishness for SHIB. Marks also notes that the target of $0.000081 is still in play due to a previously reported greater breakout. If this target is realized, it would represent an incredible 498% rise over current prices, implying a considerable upside potential for SHIB holders.
Increased Activity and Token Burns
As of this writing, SHIB is trading around $0.00001505, down 1.67% over the last 24 hours. This decline has also caused SHIB’s market cap to fall below $8.88 billion. In line with Marks’ bullish forecast, CNF previously reported that another well-known analyst, Crypto Check, sees potential for a significant rise in SHIB’s price. Crypto Check predicts that SHIB will repeat its 300% gain in February, which was fueled by significant investors’ stealth accumulation of the coin. In addition to these optimistic signals, the latest data from Shibburn shows a significant increase in the SHIB burn rate. Over the last 24 hours, the burn rate increased by 1348.22%, with 69,526,694 tokens withdrawn from circulation.
Overall, this significant increase in the burn rate suggests more activity and interest in the Shiba Inu token, which may lead to its future price appreciation. Besides SHIB, the Shiba Inu ecosystem also includes the LEASH token, which plays an important role in the ecosystem's management and has a limited supply of only 107,000 tokens.
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