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- An analyst discloses that Shiba Inu (SHIB) could be building a bullish momentum from the current correction to record a 260% upsurge.
- Another analyst hints that the asset could hit $0.000081 once it successfully breaches the resistance range of $0.000024 and $0.000030.
Shiba Inu (SHIB) has declined by 25.6% since hitting a monthly high of $0.00003328. According to our market data, the asset is currently trading at $0.00002208, with $387 million changing hands at press time. Meanwhile, whales are aggressively accumulating the dip, suggesting renewed confidence and a potential bullish reversal.
Analyzing recent transactions by large holders, we observed that a wallet had withdrawn a whopping $4.63 million worth of Shiba Inu from Binance for self-custody. Further analyzing the address, we found that this whale had been dormant for five months. Meanwhile, the asset has been struggling to breach a crucial resistance level at $0.000025.
According to IntoTheBlock’s data, Shiba Inu faces two major hurdles to the $0.00003 price zone – $0.000023 and $0.000024. Within this range, 42,310 addresses have purchased a total of 60.44 trillion SHIB tokens. From this level, a more crucial resistance lies within the range of $0.000024 and $0.000030, where 208,010 addresses purchased 70.35 trillion SHIB.
Subjecting the asset to further price analysis, analysts observed that the current pullback is an important step for an explosive run. According to its price chart, the asset has successfully held its position above support of $0.00002, preventing further declines amidst the broad market liquidation. Meanwhile, the Relative Strength Index (RSI) indicates that the dog-themed meme coin has more room for an upsurge, with a reading of 56.81.
Analyst Confirms Shiba Inu’s (SHIB) Bullish Thesis
Confirming this upcoming rally, crypto analyst Javon Marks has disclosed the existence of “textbook bull signals” in the Shiba price chart. Per his observation, the asset just broke out of a long-term trendline, retesting it as a support in the recent correction.
According to him, SHIB could make a 260% upsurge to hit $0.000081 in the short term. Additionally, Marks spotted hidden bullish divergence characterized by higher lows for price and lower lows for momentum. For SHB to hit the predicted level at $0.000081, it would first have to breach the $0.00003. A break above the $0.00081 level could position the asset at $0.000155.
Earlier, analyst Astekz highlighted that SHIB has formed a cup and handle pattern on its weekly chart. Meanwhile, we found that the formation was between March and November 2024, which led to an initial surge to $0.000045 before taking a nosedive. According to this analyst, the asset could break out to $0.00003237 in the short term.
Looking into other data, we discovered that the active surge of the Shiba Inu burn rate supports these bullish theses. As of December 25, the burn rate has surged by approximately 97%, eliminating 6.26 million SHIB from circulation. It is important to note that about 410 trillion SHIB has been eliminated since the start of the burning exercise, reducing the total supply to 589 SHIB trillion from the original quadrillion tokens.
