Shiba Inu's price recently broke long-term resistance, raising interest in the cryptocurrency market. Analyzing current conditions and expectations.
Shiba Inu Resistance Breakout
This July, Shiba Inu managed to break through a multi-year resistance line, as noted by many analysts. For instance, crypto analyst Javon Marks predicted a rise to $0.000081, implying over 500% potential gains. At the time of the breakout, SHIB was trading at $0.00001279.
Market Conditions and Bitcoin Dominance
Despite discussions regarding a possible altseason, most cryptocurrencies still operate under Bitcoin's shadow, whose market dominance exceeds 50%. This indicates that major investments are flowing into BTC and ETH rather than lesser-known altcoins. In this context, many altcoins, including SHIB, have either stagnated or lost value.
Token Burning and Its Impact on SHIB's Price
Some analysts argue that burning Shiba Inu tokens could positively impact demand and the coin's price. Recently, the burn rate surged over 16,000% in one day when a Coinbase user burned over 600 million tokens.
While Shiba Inu's resistance breakout is a promising indicator, the overall market remains under Bitcoin's control. Further changes in BTC dominance and altcoin activity are needed for a more sustainable rally.
