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Shiba Inu (SHIB) price has kept the bullish fire burning despite setbacks that most altcoins have been facing this week. The volatile crypto market fell victim to the recent developments sound the leading exchange Binance, which lost its founding CEO Changpeng Zhao, and ushered in a new CEO, Richard Teng.
Unless you are new to crypto or have been living under a rock, you are aware of the saga at Binance. The former CEO, CZ, as he is commonly referred to pleaded guilty to violating US anti-money laundering (AML) rules.
Binance struck a $4.3 billion settlement with the Department of Justice (DoJ) which required CZ to quit his job and not be allowed to hold any executive positions at the company.
The news of CZ’s exit from Binance sent shockwaves across the market, with investors withdrawing funds in droves. Most tokens were affected, including Shiba Inu price, which is trading 6.2% down in a week.
Shiba Inu Charts Predict 17% SHIB Price Rally
According to data by CoinMarketCap, the widespread market dips have driven traders to the edge amid rising uncertainty in the industry. This has led to the trading volume shrinking by 10% in 24 hours to $103 million. Intriguingly, the meme coin’s market cap grew by 1.22% to $4.8 billion. Shiba Inu ranks #19 among other cryptos inclusive of stablecoins.
Shiba Inu recoiled from support provided by the 200-day Exponential Moving Average (EMA) indicator—a move that contained losses ensuring the critical support at $0.000008 remained intact.
The ongoing trend change has pushed SHIB to trade at $0.0000082 on Friday while bulls contemplate the next breakout from the falling wedge pattern.
As observed on the four-hour chart, the wedge pattern hints at a potential 17% climb to $0.0000097.
However, to validate the breakout, Shiba Inu must first defeat the confluence resistance around $0.0000083 created by the 50-day EMA (red), the 100-day EMA (blue), and the upper trendline of the wedge pattern.
The Moving Average Convergence Divergence (MACD) reveals that buyers have the upper hand. A buy signal sent on November 23 implies that the uptrend will continue in the coming sessions bolstered by the plausible breakout from the falling wedge pattern.
Traders are encouraged to consider placing buy orders above the confluence resistance and aim to capitalize on the move to $0.0000097 which might extend above the pivotal $0.00001.
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Meanwhile, Shiba Inu’s token burn activity has continued to intensify as investors book positions ahead of an anticipated widespread crypto rally before the year ends.
According to the platform tracking the token burn activities, the rate is up 128% representing roughly 9.1 million SHIB. This has brought SHIB’s available supply to slightly over 580 trillion while the total supply stands at 999 trillion.
The token burn program is crucial for the Shiba Inu price performance in the upcoming bull run. The community must stay focused on reducing this massive and increasing demand for the meme coin to achieve the desired performance in the bull market.
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