Top Crypto Analyst Predicts Shiba Inu Price Will Spike By 20%
Highlights
- A top cryptocurrency analyst says Shiba Inu is headed toward strong rally.
- The impending rally hinges on whether or not SHIB can break through a resistance level.
- An unknown user has burned 1 billion SHIB tokens, sparking concerns for a supply crunch.
Analysts say Shiba Inu price is poised for a rally in the coming days that will see the memecoin rise by double-digit percentages. While on-chain and technicals point to an incoming rally, SHIB has to break through a key resistance level.
Shiba Inu Price To Rally By As Much As 20%
Pseudonymous crypto analyst Satori BTC is tipping Shiba Inu (SHIB) to spike by 20% in the near future. The analyst hinges his prediction on technicals, noting that the memecoin is tying its bootlaces for a strong rally.
According to a post on X, Satori notes that a bottoming pattern for Shiba Inu is in the offing, signaling the end of the downtrend. However, Satori BTC notes that confirmation of the bottoming pattern will be Shiba Inu price breaking through a key resistance level.
Shiba Inu price has tested the $0.0000134 resistance level multiple times with a breakthrough touted to trigger an impressive rally. For Satori BTC, a breach through the level will lead to a 20% rally for SHIB on conservative estimates.
“If SHIB can break through the resistance in the next move, it will confirm a bottoming pattern (H&S),” said Satori BTC. “This could lead to at least a 20% price increase.”
A mysterious 1,000,000 SHIB burn is stoking embers of a rally in the coming days for the memecoin.
On-chain Indicators Are Leaning Toward A Rally
Apart from technicals pointing to an incoming rally, on-chain indicators are painting a similar picture of the memecoin. Shibarium’s total volume locked has reached its highest peak since January accentuating an increasing network activity.
A wave of token burns has triggered speculation of an impending supply crunch for SHIB, a marker for higher prices. There is rising optimism that SHIB can reach 1 cent, but the meteoric rise will be underscored by “aggressive token burns” and heavy institutional adoption.
For now, bullish sentiment for SHIB is rising with whales snagging tokens to bolster their holdings. However, investors are putting away the pessimism from SHIB’s death cross pattern that threatened to sink prices to new lows.
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