The price of Shiba Inu is poised for a significant increase to $0.000045, as the total value locked in Shibarium approaches the $3 million mark and transaction volumes surge by 300%.
Despite a recent decline of 2.7% over the past 24 hours, the SHIB network has experienced a marked increase in activity, indicating robust fundamentals that could facilitate a recovery for the meme coin.
Furthermore, a 15% rise in trading volumes, according to CoinMarketCap, suggests that some investors are capitalizing on the current dip.
Shiba Inu Price Gears for 4x Surge
The weekly analysis of $SHIB 's price indicates that this prominent meme cryptocurrency is at a pivotal point, which could lead to a significant upward movement if bullish momentum intensifies.
The potential for an uptrend is suggested by the emergence of a double-bottom pattern, typically indicative of a transition from a bearish to a bullish trend.
To validate this double-bottom formation, the price of Shiba Inu must establish a higher high and create an ascending trendline that could propel it towards the neckline resistance at $0.000033.
Should it surpass this resistance, SHIB could experience a fourfold increase from its current value to $0.000045.
The AO histogram bars have turned green, although they remain in the negative territory, signaling a weakening of bearish momentum.
A robust uptrend is anticipated if the indicator shifts into positive territory. Additionally, the MACD is on the verge of generating a buy signal if it crosses above the signal line and sustains upward momentum beyond the zero line.
The aforementioned bearish outlook will be rendered invalid should the price of Shiba Inu decline beneath the crucial support threshold of $0.000012.
A drop below this level would signify its lowest value in over a year, potentially inciting panic selling and exacerbating the downward trend.
Shibarium TVL Approaches $3M Milestone as Transactions Soar
The total value locked (TVL) in Shibarium has experienced substantial growth in recent weeks, nearing an important milestone of $3 million, indicating a flourishing decentralized finance (DeFi) ecosystem within the network.
Although challenges have led to a sluggish recovery in the price of Shiba Inu, this metric has increased by over $670,000.
The increase in Shibarium's Total Value Locked (TVL) appears to align with a significant rise in the $SHIB burn rate.
Data from shibburn indicates that the weekly burn rate has surged by over 350%, resulting in the removal of more than 329 million tokens from circulation. Concurrently,
Shiba Inu transaction volumes have recently experienced a remarkable increase of nearly 300% within a 24-hour period, escalating from 1.77 trillion to 6.93 trillion tokens.
This surge further bolsters the optimistic price forecast for Shiba Inu, suggesting that the meme coin is poised for a potential fourfold increase in the near future.
Consequently, with the increasing total value locked (TVL) in Shibarium leading to a rise in both the burn rate and transaction volumes, it is evident that the price of Shiba Inu could be on the rise.
The formation of a double-bottom pattern suggests that a recovery could elevate the value of this meme coin to approximately $0.000045, potentially resulting in a fourfold increase.
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