Shiba Inu is signaling a strong recovery from the long-awaited support trendline and is looking to enter a bull cycle. A sudden 11% surge and high burn rates increase SHIB’s potential to reach $0.000030. So, will this uptrend see Shiba Inu double this month?
As the crypto market recovered last night, Bitcoin and other altcoins also entered an uptrend. The Shiba Inu meme coin is showing signs of a recovery from the long-awaited support trend line, which is considered a positive development for the market.
Shiba Inu has significant potential as the second largest meme coin with a large community. Shibarium, which supports Shiba Inu’s ecosystem, which is trying to enter the DeFi and layer-2 spaces, is preparing to introduce a new automatic burn mechanism. This mechanism attracts attention as a feature frequently encountered in leading projects.
Whether Shiba Inu will become more than just a meme coin and whether the current bullish cycle will lead to a two-fold increase for SHIB this month remains to be seen. The lower highs and lower lows seen on SHIB’s daily log price chart suggest that a downward channel has formed. In the broadening market correction, SHIB’s pullback led to a test of the support trend line.
With a long-tailed price rejection from the $0.000010 psychological support level, Shiba Inu buyers have taken control of the trendline. As the market rebounded, SHIB price completed a bullish engulfing candlestick formation that is up 11% on a daily basis. The MACD and signal lines have started to rise in the oversold territory, and a bullish divergence has emerged from the last two lows. Also, the average lines seem ready for a bullish crossover, increasing the chances of an uptrend.
The DMI indicator is showing a bearish trend in the VI lines, while the ADX line is showing an increase. However, the recent recovery has led to a minor VI line convergence, indicating a potential positive crossover.
Shiba Inu Burn Rates and Process Flows
According to the latest data from community burn tracker Shibburn, 105,981,775 SHIB tokens were burned in the last 24 hours, representing a 137,411.87% increase. Over the last 7 days, 114,775,953 SHIB were burned, representing a 366.69% increase. Increasing burn rates could strengthen recovery chances.
Is It Possible for Shiba Inu to Reach $0.000030 Level?
Currently, Shiba Inu is trading at $0.00001410, a minor 1.54% pullback after an 11% gain overnight. According to Fibonacci levels, a breakout of the upper trendline is needed for the rally in the downward channel to begin a larger move. Therefore, this breakout will be a critical price action signal for buyers.
If the bulls succeed, a move to the 50% Fibonacci level at $0.000022 or the 61.80% level at $0.000030 if the momentum continues seems likely.
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