Shiba Inu price is consolidating within the range lows amid a lack of buying momentum. However, the meme coin’s consolidation is happening within a bullish pattern, with a breakout suggesting that the price may be poised for a 17x surge to $0.0002. At the same time, the SHIB burn rate is soaring, with 132M tokens being removed from circulation in the last seven days. As these bullish signs align, what’s next for the Shiba Inu price?
Analyst Forecasts Shiba Inu Price Rally to $0.0002
According to crypto analyst CryptoElites, Shiba Inu price may be on the verge of a rally to $0.0002. The analyst observed that SHIB was trading within a symmetrical triangle pattern, which often shows that an asset is on the verge of breaking out of a consolidation range.
The analyst noted that Shiba Inu has successfully defended support at the lower trendline of the symmetrical channel three times. If SHIB can flip resistance at the upper trendline, it may kickstart a 17 times rally to $0.00023.
If SHIB can attain this price target, it would have a market capitalization of $135 billion, making it bigger than top altcoins like Ripple (XRP). Hence, achieving such a high price target would require a massive surge in interest from retail and institutions. A reduction in the meme coin’s supply would also support the Shiba Inu price potential to attain this target.
Shiba Inu Burn Rate Soars Amid 132M SHIB Burn
The Shiba Inu burn rate has increased significantly this week. Data from Shibburn shows that in the last seven days, more than 135M SHIB tokens have been removed from the circulating supply. At press time, the burn rate had surged by 107%.
A surge in the burn rate supports a bullish Shiba Inu price prediction. As more tokens are removed from the supply, high price targets such as $0.00023 become attainable.
However, SHIB is under scrutiny from some members of the crypto community for the slow SHIB burn rate. Recently, the founder of WallStreetBets noted,
“Despite burns, SHIB supply remains unchanged. In the world of crypto, size doesn’t matter: it’s the thought that counts.”
Therefore, the SHIB burn rate needs to accelerate to remove a significant amount of tokens from the supply and aid a notable price recovery.
What’s Next for Shiba Inu Price?
Shiba Inu is currently under bearish pressure with macroeconomic headwinds causing a downswing. Additionally, a recent Coingape article noted that the number of active SHIB addresses has dropped significantly, highlighting waning market interest and usage.
Therefore, for the Shiba Inu price to recover, there needs to be a resumption of network usage and trading activity. At the same time, the SHIB burn rate needs to increase significantly to have an impact on the price.
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