Shiba Inu (SHIB) Price Holds Strong: Is a $0.00047 Rally Coming?

Crypto analyst forecasts a potential rally for Shiba Inu price as technical indicators suggest an upward trend. The price targets are set at $0.000085171

Shiba Inu (SHIB) price has been adjusting after the recent crypto market correction, and analysts are now spotting signs of a rebound, setting the stage for a potential bullish trend.

Following a period of decline, SHIB is testing a horizontal support level. Meanwhile, the Shiba Inu burn rate has surged by 5,400%.

As Bitcoin’s price dominance lessens, another crypto could take the spotlight. Analysts at Finder have set their sights on Shiba Inu (SHIB) for a potential rally.

According to the crypto analyst, technical indicators suggest an upward trend for Shiba Inu price. The price targets are set at $0.000085171, $0.000183312, and $0.000472905.

The analyst predicts that as Bitcoin’s dominance declines, SHIB could gain momentum in the market. The analyst said:

“Averaging the price targets provides a final SHIB price prediction of $0.000247194 by the end of 2023. However, this is still triple the current SHIB price.”

Technical Analysis Shows Potential For SHIB Price Recovery

The analyst at Finder.com highlights a positive technical outlook for Shiba Inu, signaling strong resistance and support levels for the token.

The cryptocurrency is encountering resistance at the $0.00001405 level, which could limit further gains. Breaking through this barrier could pave the way for a move toward the next resistance zone at $0.000016.

However, if selling pressure increases and pushes the price below the support level of $0.00001, it could trigger a decline toward the next support zone at $0.000012.

The Moving Average Convergence Divergence (MACD) shows a slight bullish crossover. The signal line remains below the MACD line, but positive momentum could emerge if the MACD crosses above the zero line.

Meanwhile, the Relative Strength Index (RSI) stands at 42, showing a slight recovery from oversold conditions. A reading below 30 is typically considered oversold, while a reading above 70 is considered overbought.

The analyst notes that the RSI is still below the neutral level of 50, indicating that bears still have a slight edge. However, if buying pressure increases and pushes the RSI above 50, it could shift the momentum in favor of bulls.

Shiba Burn Rate Surges Over 5,400%

The Shiba Inu burn mechanism has seen a sharp rise, with the burn rate surging 5,440% in the last 24 hours. Data shows that 26,355,678 SHIB tokens were sent to dead wallets.

The latest spike in token burning reflects increased efforts by the Shiba Inu community to enhance scarcity. Members of the crypto community have been actively burning SHIB throughout the year.

The process involves sending SHIB to an inaccessible address, effectively removing it from circulation. A higher burn rate often indicates growing network activity, which could impact future price trends.

Despite the massive surge in the Shiba Inu burn rate, the token’s price has remained relatively flat over the past 24 hours.