Shiba Inu price continues to grapple with the checkpoint (POC) at $0.0000118. As a massive uptrend continues, investors are wondering when the drop will come. Meanwhile, a bounce of $0.0000087 or $0.0000083 could trigger a 105 percent rise in SHIB, according to analyst Akash Girimath. In addition, burns are accelerating in the ecosystem. Here are the details…
Shiba Inu (SHIB) price and possible scenarios
Shiba Inu price is holding close to an important support level that has formed over the past three months. A consolidation across this barrier led to an explosive move two weeks ago. Therefore, the continued consolidation gives investors hope for another rally. Shytoshi Kusama, the creator of the meme coin, used Twitter to support SHIB holders against users who want to add suspicion and chaos to the ecosystem.
On August 14, the Dogecoin killer started a 53 percent rise, creating a double top at $0.0000179. Since then, the Shiba Inu price has rebounded its gains and has returned to the POC as it seeks to restart a similar move. So far, the bulls are absent or unresponsive, according to the analyst. However, if SHIB consolidates here long enough and causes a rebound in buyers, it could accelerate the rise. The closest level the bulls or smart money will target is the equally highs at $0.0000179.
Analyst points to 50-100 percent gain
Therefore, a bounce of $0.0000179 could result in a 52 percent gain after retesting the $0.0000179 barrier. While this outlook is easy to understand, investors need to be comfortable with the POC’s collapse and the 9 percent drop that comes with it, according to the analyst. This move will prompt SHIB to instantly retest the support level at $0.0000106. A jump to $0.0000179 will result in a 68 percent gain in the second scenario.
The third result will have the same goal. But instead of finding support at $0.0000106, the Shiba Inu could drop to $0.000083 to fill the imbalance first. The resulting rally here will result in a 104 percent gain to retest $0.0000179. Regardless of multiple scenarios, traders can average their investment dollar-cost at the critical support levels mentioned above, rather than waiting for a perfect bottom and missing an uptrend.
However, if SHIB produces a daily candlestick near $0.0000074 without a quick recovery, it will form a lower low. This would invalidate the bullish thesis for the Shiba Inu price, according to the analyst.
3.78 billion SHIB burned
On the other hand, more than 3.78 billion Shiba Inu were burned in August 2022. On the last day of August, over 461.13 million SHIB tokens were out of circulation. According to SHIB Burn, a total of 3.7 billion SHIBs were sent to dead wallets in August with 528 separate transactions. 1Cent token, ShibaBae and Travis Johnson’s SHIB Super Store, made a significant contribution to SHIB Burn.
ShibaBae, a newly launched BEP-20 token, held three burning events in August 2022. He performed his first SHIB Burn on August 10. It sent a total of 139.8 million tokens. Following this, ShibaBae held its second burning event on August 27. Burned another 160.54 million tokens in a single transaction. The startup has burned another 219 million SHIBs in the last 24 hours.
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