Shiba Inu It is currently at a critical point and is showing signs of a potential major comeback. Meme coin is known for its volatility and strong community support. Additionally, the coin is currently exhibiting a typical double bottom potential formation.
This formation represents a potential change in trend from the recent downward trend to the expected upward trend.
Current Market Position
SHIB is currently trading at $0.00002894, up 2.33% in the last 24 hours and a slight increase of 0.83% from the previous week. This small but positive market shift demonstrates SHIB’s resilience and potential despite market uncertainties.
The coin formed a double bottom formation, easily recognizable by its distinctive “W” shape. In technical analysis, this indicates the end of a downtrend and the beginning of an uptrend.
Besides being a technical phenomenon, SHIB sees this pattern as a ray of hope for investors waiting for a reversal. The formation is confirmed when the price breaks through the resistance level forming the “W” top.
This key resistance is set at $0.000029 and is marginally above the recent high for SHIB.
Way Back
A successful climb above this resistance level is likely to be a game changer for SHIB. Perhaps it can pull him out of his recent slump and pave the way for a strong comeback. But before this optimistic prediction comes true, SHIB needs to confirm the validity of the reversal by breaking above resistance and sustaining the upside momentum.
If SHIB can maintain its position above the double-bottom peak, the next logical resistance lies at $0.00003. Breaking this barrier will attract additional investors to the market and bring SHIB closer to a more significant rise.
This scenario, which confirms investors’ confidence in SHIB’s market resilience, will also confirm the bullish formation.
But there are many potential problems along the way. A decline in momentum and the price breaking below the double bottom support level at $0.00001989 could reduce the chances of a reversal.
Such a scenario means the market may not be ready for a rally. In this context, it potentially results in further consolidation or decline before an uptrend develops.
meme coindue to market volatility cryptocurrency It not only attracted the attention of the community. It also outperformed Dogecoin and Bitcoin in terms of trading volume on a major exchange.
Are Burns an Incentive for Transformation?
On the other hand, the recent token burn has added another level of speculation to SHIB’s intriguing story. A growth of 304.98% by burning 98,045,035 SHIB tokens in the last 24 hours was recorded.
HOURLY SHIB UPDATE$SHIB Price: $0.0000287 (1hr 1.32% ▲ | 24hr 2.06% ▲ )
Market Cap: $16,956,040,837 (2.20% ▲)
Total Supply: 589,275,241,204,667TOKENS BURNT
Past 24Hrs: 98,045,035 (304.98% ▲)
Past 7 Days: 330,335,592 (82.66% ▲)— Shibburn (@shibburn) April 8, 2024
The burn rate increased by 82.66%, with 330,335,592 tokens removed from circulation in the past week. It is possible that this calculated movement will have a significant impact on the price dynamics of SHIB.
