Shiba Inu has demonstrated significant price movement, capturing the attention of investors and traders worldwide.
Recent Price Surge of Shiba Inu
At the beginning of the week, Shiba Inu surged over 6.5%, crossing the $0.00001400 mark. This marks the first time the memecoin reached this price in over six weeks.
Technical Factors and Predictions
Within the investment community, it has been noted that a strong bullish candle on the SHIBUSD daily chart was identified, indicating the potential start of a new positive trend. The price breakout follows a bullish flag formation, setting a possible target of $0.0000233. However, a clear breakout is necessary to confirm a long-term trend.
Market Impact and Token Burn
The recent surge aligns with broader positive trends across the cryptocurrency market. Investors are now observing the newly established support zone at $0.00001350, which may play a crucial role moving forward. The sustained rise was bolstered by a record burn of over 1 billion SHIB tokens, potentially reducing supply and creating upward price pressure.
The price actions of Shiba Inu, along with its alignment with market trends, indicate potential further gains in the coming days.
