Shiba Inu is forming a bullish pennant on the 4-hour chart, suggesting a potential price increase. More details below.
Bullish Pennant on SHIB Chart
A bullish pennant pattern is forming on the 4-hour SHIB/USDT chart, indicating a continuation of the upward trend. The current price is $0.00001585, and a confirmed breakout could lead to a price target of $0.00001800, with a potential reach of $0.00002200.
Shiba Inu Price Technical Indicators
Shiba Inu's technical indicators show potential for a price breakout. The current RSI is at 51.30, reflecting a balance between buyer and seller pressure. The MACD also indicates an upward trend, as the MACD line is above the signal line and the histogram shows a positive value.
SHIB Burn Rate Surges
The SHIB burn rate has surged by 807% in the past 24 hours, with 20.5 million SHIB tokens removed from circulation. This reduces the total supply to 410.7 trillion tokens. While the daily burn rate increased, the weekly rate decreased by 94.6%.
Shiba Inu shows bullish potential on the charts, and the increased burn rate could positively impact its price. Investors are closely watching developments.
