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Shiba Inu (SHIB) Awakens: Is a Mega Rally About to Begin?
The crypto market has witnessed a remarkable surge in recent times, with the majority of altcoins, including SHIB, showing an upward trend. As Shiba Inu’s burning mechanism experiences a significant increase, alongside a resurgence in Shibarium activity, experts are raising eyebrows about the potential for a colossal rally.
SHIB remains outside the top 30 cryptocurrencies by market capitalization, despite its impressive recent performance. Last week, it ended on a positive note, gaining nearly 5% to reach approximately $0.00001258 per CoinGecko’s data. Some of the most prominent analysts and experts in the field have been vocal about their predictions for SHIB.
In an exclusive interview with CryptoPotato, Carl Moon, an influential figure in the crypto space with over a million followers, highlighted that a short-term pattern is forming on the daily chart. This could potentially lead to a significant increase of 34% and reach $0.0000403 in the near future.
Another expert, Javon Marks, went even further by proclaiming a massive bullish reversal, stating that this could be an over 150% price rise back into the $0.000032 range. It is worth noting that both experts have consistently been optimistic about SHIB’s potential for months now.
Other notable analysts such as Mark.eth and CryptoELITES have also chimed in with their own predictions. According to Mark, “Shiba Inu can make you rich like no other altcoin,” signaling a considerable appreciation for the meme coin. Meanwhile, CryptoELITES believes that this asset is poised for an unprecedented 17x surge to reach a historical high of $0.000230.
As SHIB’s burn mechanism recently witnessed a remarkable surge in burning, with over 1.3 million tokens sent to a null address, resulting from more than a 340,000% rise in less than two days. This growth is intended to minimize the supply of the meme coin and could lead to price growth if demand remains steady.
The layer-2 blockchain solution Shibarium has also experienced an extraordinary spike in daily transactions processed, reaching over 1.2 million on September 6 and nearly 500,000 a day later. This substantial increase implies that users may be regaining confidence in the project.
Despite these signals of strength and optimism about the asset’s potential, some indicators hint at a bearish outlook. SHIB’s Relative Strength Index (RSI) has already reached almost 70. In technical analysis terms, this means it could be overbought, which might trigger a pullback.
In conclusion, with this information in mind, whether or not you will decide to take the leap and invest in Shiba Inu, it is essential to carefully weigh the potential pros and cons before making any decisions.
Source: cryptopotato.com
