Shiba Inu, one of the meme-based cryptocurrencies that will likely stay relevant in the digital currencies arena as it seeks to scale new heights next year. After hitting the ATH of $0.000088845 on October 28, 2021, the token needs to come back up to get to these values.
At the time of writing this article, SHIB is at $0.00001684 per coin, which would mean a rise of 352% to get back to its previous high. The target is rather ambitious and is based on the expected changes in the market and future events within the Shiba Inu ecosystem.
Recent Token Burns and Community Actions
In an attempt to push the price higher, the Shiba Inu community has ramped up the token burning process. In the last 24 hours alone, over 9 million SHIB tokens were burned to eliminate them from the supply chain. It is done in a bid to raise the price of the token.
This approach will lead to scarcity and therefore positively impact the demand. Token burns are seen as desirable by investors who are in it for the long haul.
Moreover, market analysts such as Oscar Ramos have offered their opinion on possible paths of Shiba Inu’s price. Ramos, a popular Twitter personality, stated that the technical patterns on the SHIB charts might signal a reversal.
These patterns could indicate price fluctuations that could potentially take SHIB towards its ATH. Experts have noted that the important support levels have been set at $0.00001620 and $0.00001294, which define the further trend.
Shiba Inu Market Analysis and Projections
From the general market trends, it is evident that Shiba Inu has a close relationship with other cryptocurrencies such as Dogecoin. This impacts other meme coins in the market. As for the past 60 days, 97% of price movement shows that SHIB’s performance is in line with other coins, especially Dogecoin. This shows that the price trend of SHIB is dependent on the market forces that are available in the industry.
Furthermore, on the Shiba Inu (SHIB) chart, the MACD shows that there has been a change in the market sentiment. At the beginning, the MACD line (blue) was below the signal line (orange) at the level of October 21st. It points to the bearish outlook. But this situation reversed as the MACD line crossed above the signal line around October 25. It could be interpreted as a bullish signal.
SHIB Price Action Update
The histogram that moves from the negative area to the positive area also strengthens this. The same indicates that there is rising bullish pressure. This is a bullish signal and should be interpreted to mean buy only if other indicators such as other technical indices or the market trend supports the buy.
However, the goal of reaching the ATH by the end of the year 2025 is a rather bold one, with which bearing consequences might be useful in the case of the Shiba Inu project and attract more investors.
Currently, Shiba Inu (SHIB) is trading at $0.00001719, slightly up by 0.66% in the last 24 hours. Token’s market capitalization is at $10.13 billion. It has a trading volume of $223.20 million within the last 24 hours, which increased by 41.36%. The price chart displays a new spike in the recent past. It can be suggestive of increased purchasing demand following the period of low prices.
