Shiba Inu (SHIB) price prediction – analysis by CoinPedia
Shiba Inu finds itself in a tough spot, wrestling with resistance at the $0.000025 price mark. Despite a recent attempt at a rally, SHIB struggled to hold its ground and slipped below this crucial level. The result? A 5% drop, hitting a low of $0.00002361. Though SHIB has made gains over the past month, crossing the $0.000025 mark remains a tough nut to crack.
One striking development is the rapid pace of coin burning. The Shibburn Explorer data reveals a whopping 62.58% surge in the SHIB burn rate in just 24 hours.
Market analysts have spotted a bullish pennant pattern on the Shiba Inu chart, signaling the potential for significant profits. This suggests SHIB might resume its upward climb after a consolidation period. Analysts foresee potential profits of over 62% in the near future.
Prominent Bitcoin analyst Clifton highlighted the formation of a bullish pennant on Shiba Inu’s 24-hour timeframe.
According to Clifton, this pattern suggests that SHIB could soon experience a breakout, potentially netting holders a short-term profit of up to 60%. The bullish pennant formation, which resembles a symmetrical triangle, typically signals that an asset is ready to resume its uptrend after encountering brief resistance.
