SHIB Price Prediction: Bullish Pennant Hints at 60% Profit As Burn Rate Surges

The post SHIB Price Prediction: Bullish Pennant Hints at 60% Profit As Burn Rate Surges appeared first on Coinpedia Fintech News

Shiba Inu finds itself in a tough spot, wrestling with resistance at the $0.000025 price mark. Despite a recent attempt at a rally, SHIB struggled to hold its ground and slipped below this crucial level. The result? A 5% drop, hitting a low of $0.00002361. Though SHIB has made gains over the past month, crossing the $0.000025 mark remains a tough nut to crack.

One striking development is the rapid pace of coin burning. The Shibburn Explorer data reveals a whopping 62.58% surge in the SHIB burn rate in just 24 hours.

But, what do you make of all this? Read on.

Community Fire!

In the past week, the SHIB community has been active in burning tokens, torching 57,671,544 SHIB coins—a 57% decrease from the previous week. So far, a staggering 410,726,422,225,031 SHIB has been taken out of circulation, leaving 582,992,864,057,113 SHIBs circulating and 6,280,713,717,854 SHIBs locked in staking platforms.

Bullish Signs on the Charts

Market analysts have spotted a bullish pennant pattern on the Shiba Inu chart, signaling the potential for significant profits. This suggests SHIB might resume its upward climb after a consolidation period. Analysts foresee potential profits of over 62% in the near future.

Clifton’s Analysis

Prominent Bitcoin analyst Clifton highlighted the formation of a bullish pennant on Shiba Inu’s 24-hour timeframe.

According to Clifton, this pattern suggests that SHIB could soon experience a breakout, potentially netting holders a short-term profit of up to 60%. The bullish pennant formation, which resembles a symmetrical triangle, typically signals that an asset is ready to resume its uptrend after encountering brief resistance.

Dreaming Big

Other market analysts have echoed Clifton’s optimistic outlook. Davie Satoshi, another analyst who identified the bullish pennant, proposed higher breakout targets, predicting SHIB could reach above $0.00005. Pseudonymous analyst “World of Charts” also identified $0.00005 as a potential target for SHIB.

Further, a Bitcoin analyst suggested that SHIB enthusiasts might anticipate the $0.00008 price level. Another analyst even argued that SHIB could reach $0.00015 by next month, which would mark a historic high for the cryptocurrency, entering previously uncharted territory.

The Road Ahead: Bullish Future?

The SHIB team announced several updates for Shibarium in 2024-2025. These include the SHIB Metaverse, a new Shiba Eternity game, ShibaSwap DEX 1.75 and 2.0, a layer-3 test net, and the TREAT token for the new blockchain. To build the layer-3 solution, they recently raised $12 million from investors. SHIB lead Shytoshi Kusama has been traveling to pitch the layer-3 project and secure funding.

As SHIB grapples with resistance, the big question remains: will it break free and achieve predicted gains, or will it face more challenges ahead? Stay tuned as Coinpedia reports all the latest developments.