Shiba Inu (SHIB) Nears Critical Breakout Point, Bullish Divergence Hints at Potential Surge

In a tweet, famous cryptocurrency analyst Javon Marks noted a major shift in the price activity of Shiba Inu (SHIB). According to Marks, SHIB is nearing a critical point in a big Falling Wedge pattern on the daily charts.

Renowned cryptocurrency analyst Jovon Marks has highlighted a critical development in the price activity of Shiba Inu (SHIB). According to Marks' analysis, SHIB is nearing a crucial juncture in a prominent Falling Wedge pattern on the daily chart. This pattern has been forming for an extended period, converging toward a breakout point.

Moreover, a regular Bullish Divergence has recently been confirmed, which typically indicates a potential upward move. Marks suggests that this divergence could be a precursor to a bullish breakout, ushering in a new wave of bullish momentum for SHIB.

Additionally, Marks notes that the target of $0.000081 is still on the table following a previously reported higher breakout. If this target is achieved, it would signify an exceptional 498% increase from the current price, indicating a substantial upside potential for SHIB holders.

As of this writing, SHIB trades at around $0.00001505, having encountered a 1.67% decline over the last 24 hours. This decrease has also brought down SHIB’s market capitalization to below $8.88 billion.

In line with Marks' bullish outlook, CNF previously reported that another prominent analyst, Crypto Check, anticipates a significant price increase in SHIB.

Crypto Check predicts that SHIB will echo its 300% gain in February, which was driven by large investors stealthily accumulating the coin. This accumulation period could be providing SHIB with the necessary impetus to continue on a substantial upward trajectory.

Complementing these positive signals, Shibburn's latest data reveals a substantial increase in the SHIB burn rate. Over the last 24 hours, the burn rate surged by 1348.22%, with 69,526,694 tokens being removed from circulation.

HOURLY SHIB UPDATE

$SHIB Price: $0.00001558 (1hr -0.20% ▼ | 24hr 2.01% ▲ )

Market Cap: $9,172,847,750 (1.78% ▲)

Total Supply: 589,271,923,614,761

TOKENS BURNED

Past 24Hrs: 69,526,694 (1348.22% ▲)

Past 7 Days: 112,473,081 (688.35% ▲)

— Shibburn (@shibburn) August 25, 2024

This significant increase in the burn rate suggests heightened activity and interest in the Shiba Inu token, which could contribute to its future price appreciation.

On another note, the Shiba Inu ecosystem extends beyond SHIB itself. As we previously reported, the token LEASH, also known as the "Dogekiller," has been garnering attention. LEASH is poised to play a pivotal role in the ethical governance of the Shiba Inu ecosystem, particularly with regard to environmental and ethical parameters.

With a limited supply of only 107,000 tokens, LEASH's exclusivity grants access to unique opportunities within the Shiba Inu ecosystem, solidifying its importance in the broader community of SHIB.

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