Can Shiba Inu really take off again?
SHIB has once again become the focus of attention. It rose by 2.9% in 24 hours, and after hitting a low in August, it has increased by 142% so far. But what's the main point?
SHIB has just crossed an important milestone in token burning. With the price rising and bullish signals appearing, many are asking: Can SHIB still take off?
The token burning actions of SHIB are in full swing. Since 2021, over 410 trillion SHIB tokens have disappeared from circulation. Yesterday, the burn rate skyrocketed by 940%, with 3.69 million SHIB burned in just one day.
What does this represent? Token burning reduces supply, and a decrease in supply often increases demand, which can lead to a price increase over time. Just last year, these two companies burned SHIB worth $1.5 million.
The technical formation of SHIB has sparked widespread discussion. The cup and handle structure presented on the chart indicates a possible price breakout. The next key price level is 2933. If it can break through, it may soar to 4500, representing a potential increase of 76% compared to the current price.
However, the situation is not all rosy. Although the relative strength index (RSI) is at a healthy level of 62.41, indicating moderate bullish momentum, the MACD histogram is cooling down. SHIB needs to hold the support level of 2000; if it falls below, the bullish outlook may evaporate.
Currently, SHIB's overall market capitalization is as high as $128 billion, even surpassing companies like Lockheed Martin. However, SHIB is not without challenges. Its trading volume has decreased by 6.13%, and breaking through the resistance at 2933 is not easy. Even so, with strong community support and milestone breakthroughs, SHIB still has the potential to bring us unexpected surprises.
Everyone can continue to pay attention!!!
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I am Lao Li, welcome to exchange ideas!
