Shiba Inu's price is currently facing a rather critical battle, with a resistance level at $0.000014. Analysts predict that if the key support level can hold, the price of Shiba Inu could soar by 156%. According to CoinGecko, the current trading price of this meme coin is approximately $0.00001318, with a daily trading volume of about $257 million, preparing for a significant breakout, and possibly a deeper pullback.
How whale sentiment, burn rates, and Shibarium milestones fuel Shiba's price surge.
Analysts predict SHIB will rise by 156%.
Currently, Shiba's price movement has become quite interesting, and analyst Javon Marks has the following views on its potential:
The resistance level for Shiba Inu is at $0.000014, which actually represents about 522 trillion SHIB tokens, making whale sentiment crucial for any upward movement. As of the time of writing, about 41% of holders are in profit, adding some pressure to this key area.
Community governance drives the surge in fund consumption rates.
In just the past 24 hours, Shiba's burn rate has reached an astonishing 157.59%. Approximately 752,300 tokens have been burned, and in the meantime, some engaging community debates have emerged. The actual surge is driven by these debates and the upcoming leadership elections. WoofSwap is currently one of the actively discussed topics.
Shiba has benefited from reduced supply due to these burns, while the sentiment of Shiba whales remains somewhat complex after a recent pullback. The bull-bear power index has turned bearish after five consecutive days of increase, affecting market dynamics.
Shibarium milestones increase utility pressure.
Currently, Shibarium has processed over 1.5 billion transactions, with about 267,000 active addresses. This adds greater pressure to Shiba's price movement. Bitcoin advocate Jeremie Davinci states:
You know, I like Shiba Inu, and I think it will perform relatively well in this cycle, but the gains may not be as high as you expect. I believe that with Shibarium, Shiba Inu now has a lot of utility; essentially, it is a chain capable of running various applications. However, no one is using it yet, and there are currently no applications using tokens on Shibarium. If they can solve this problem, Shiba Inu will soar to the moon.
Recently, the outflow of funds from exchanges has exceeded the inflow, alleviating the selling pressure on Shiba Inu's price. As I write this, the token is still about 85% below its all-time high. Meanwhile, technical signals suggest that if the support level at $0.000013 can hold, a reversal may occur.
