Shiba Inu (SHIB) Ready For Major Breakout: Crypto Analyst Says

• 1 Shiba Inu coin price trades close to the trendline mark of $0.00002500.
• 2 Crypto analyst says a short-term bull rally is on the cards.

The second largest meme- cryptocurrency, Shiba Inu (SHIB) price was in an uptrend and depicted a bullish flag pattern on the charts. Over the past few weeks, the SHIB price continued to dwell gains and witnessed a downtrend.

However, per the Elliott impulse wave(12345) analysis, the cycle was completed, and a trendline breakout is anticipated in the following sessions. Per the price action, buyers have retained strength and are back into the game, which might trigger a pullback soon.

At press time, the Shiba Inu crypto (SHIB) price traded at $0.00002392 with an intraday drop of 2.10%, reflecting neutrality on the charts. It has a monthly return ratio of -12.90% and 156.29% yearly.

The pair of SHIB/BTC is at 0.000000000374 BTC, and the market cap is $14.10 Billion. Analysts are neutral and suggest that the SHIB price may register a sharp bounce and will soon retain the upside mark of $0.00003000.

Shiba Inu (SHIB) Price Volume Analysis: Can Buyers Absorb The Selloff?

On the daily charts, the Shiba Inu (SHIB) coin faced rejection from the downward-sloping trendline and is still trading with a bearish bias. Shiba Inu’s price sentiments have looked bearish for weeks, and investors have struggled to retain the gains.

Conversely, the trend goes positively, and if bulls succeed in breaching the trendline mark of $0.00002500, the Shiba Inu coin may reach the round mark of $0.00003000 soon.

Additionally, the trading volume remained flat, witnessing a 13% surge to $586.50 million.

Significant Drop in SHIB Burn Rate: What Does It Mean?

Per the data from the Shibburn on the X platform, the Shiba Inu memecoin witnessed a significant surge in the burn rate over the past few weeks.

In the last 7 trading sessions, the burn rate rose over 28.27%. However, a sharp decline of over 85.42% was noted on the intraday basis. 

Going forward, around 11.97 million SHIB coins were eliminated from circulation. This move might slash the total supply of the SHIB crypto, which might drive a rally soon.

Amidst the notable decline in the burn rate, the key indicators still suggest that the SHIB coin has the potential to deliver outperformance and is worth buying at current price levels.

The Momentum Indicator (Relative Strength Index) looks neutral, and the curve stands at 42, replicating a convergence of the RSI line with the signal line.

Per the Fibonacci retracement levels, the Shiba Inu price faced the 38.3% zone rejection and slipped to the 23.6% region.

The immediate support levels for the Shiba Inu (SHIB) meme- coin is $0.00002250 and $0.00002110, whereas the key upside hurdle is around $0.00002500, followed by $0.00002700

Conclusion

The Shiba Inu (SHIB) coin price might trigger a trendline breakout and reflect a short-term bounce ahead. Moreover, major technical indicators reflect a crossover, which might replicate a reversal from the bottom.

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. 

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.