A respected cryptocurrency analyst predicts a 50% price increase for Shiba Inu (SHIB/USD) following a significant spike in its burn rate by 389%. The inverse head-and-shoulders chart pattern and a bullish MACD signal support this forecast. Shiba Inu has gained over 32% in the past month, with strong accumulation indicated by a recent whale withdrawal of 105.9 billion tokens from Coinbase. As of now, SHIB is trading at $0.00001897, up 1.98% in the last 24 hours.

A notable cryptocurrency analyst has issued a positive forecast for Shiba Inu (SHIB/USD) following a remarkable increase in the token’s burn rate over the past 24 hours. On Sunday, Kevin, a widely recognized figure in the crypto community, highlighted a formation resembling a rounding bottom along with an inverse head-and-shoulders pattern for the popular meme coin, suggesting a potential 50% surge in price. This inverse head-and-shoulders pattern is considered a significant technical indicator often foretelling a transition from bearish to bullish trends. Moreover, the Moving Average Convergence Divergence (MACD) indicator for Shiba Inu has also indicated a buy signal, suggesting a shift towards a positive price trajectory. The MACD, a predominant tool for assessing an asset’s overall trend, delivers a bullish signal when the MACD line surpasses the signal line. In addition, Shiba Inu’s burn rate has experienced a staggering 389% increase in just the last 24 hours, with approximately 6.3 million SHIB tokens being permanently removed from circulation, thereby enhancing the deflationary aspect of the cryptocurrency. Shiba Inu has been performing strongly over the past month, accumulating a gain of over 32%. In a noteworthy development, an undisclosed whale recently withdrew 105.9 billion SHIB, valued at approximately $1.99 million, from Coinbase. This action indicates significant accumulation and optimism regarding future price movements. Kevin’s bullish prediction for Shiba Inu seems to resonate well with the current positive momentum sweeping through the broader cryptocurrency market, as leading cryptocurrencies such as Bitcoin (BTC/USD) and Ethereum (ETH/USD) have witnessed substantial gains, reinforcing expectations of reaching new all-time highs. As of the latest data, SHIB is priced at $0.00001897, representing an increase of 1.98% within the last 24 hours, according to information provided by Benzinga Pro.

The cryptocurrency market has been experiencing significant fluctuations, with various altcoins, particularly meme coins, gaining attention and value. Shiba Inu, a well-known meme coin, has been attracting considerable interest due to its unique community backing and market dynamics. The recent spike in its burn rate reflects a deflationary measure taken by the community to increase the token’s scarcity and potentially drive up its price.

In conclusion, Shiba Inu is poised for a potential price surge thanks to a combination of strong technical indicators, a notable increase in its burn rate, and a bullish sentiment within the cryptocurrency market. Investors and analysts alike are watching closely as the token navigates this upward momentum, potentially challenging previous price records in the near future.

Original Source: www.benzinga.com

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