The price of the Shiba Inu token is currently close to a key support level and may soon experience a breakout, according to analyst opinions.
Current Market Situation of Shiba Inu
Shiba Inu price is consolidating around an important support level at $0.00001140, forming a base in a descending triangle. This pattern can herald a breakout. According to recent data, the token's price is $0.00001113, which is down 3.60% compared to the previous 24 hours. The support level has been maintained and accompanied by a paradigm of volatility.
Long-term Analyst Projections
Analyst Javon Marks maintains an optimistic long-term view on Shiba Inu price, suggesting it could reach $0.000081, corresponding to a 609% increase from current prices. If the token can establish itself above $0.00001450, it may imply a potential rise to the target of $0.00001553.
Decline in Token Burning Rate
According to Shibburn, 101,213 SHIB tokens were burned in the last 24 hours, which is 89.88% less than before. Over the past week, the burning rate decreased by 94.21%. This decline indicates reduced network activity and may delay short-term growth catalysts.
The price of Shiba Inu is at a crossroads, and the coming days may reveal whether the token can initiate a new rise or continue consolidating. Analyst expectations and the current decline in burning levels create interesting prerequisites for further developments.
