In spite of the somber state of the cryptocurrency market, one analyst has expressed optimism about Shiba Inu (SHIB). Krao, a TradingView analyst, recently forecasted that the dog-themed crypto asset could reach $0.001 in the coming months as a result of a significant breakout. This anticipated rally is expected to stem from a major breakout following a months-long descending trendline that has hindered SHIB’s bullish potential over the past three years.
Currently, Shiba Inu is trading at $0.00001337, having experienced a slight 0.26% increase in the last 24 hours. According to Krao’s prediction, the token is poised to shed two zeros, resulting in a remarkable 7,379% surge from its current value. Additionally, another recent SHIB price analysis explored the possibility of Shiba Inu surging to $1 in the future.
To reinforce his analysis, Krao shared a chart illustrating a persistent descending trendline that has kept Shiba Inu under pressure since late 2021. Despite reaching an All-Time High (ATH) of $0.00008854 in October 2021, the cryptocurrency faced a significant downturn alongside the broader market before entering a phase of recovery and consolidation.
During this consolidation phase, SHIB exhibited a pattern of lower highs and relatively stagnant price movement, ranging between $0.000005 and $0.00003. This period of low volatility signaled an impending mild price surge for SHIB.
Moreover, while the price of SHIB has been steadily rising in recent days, the Indodax exchange encountered a liquidity crisis due to a major hack, resulting in a $22 million liquidity drain and the theft of 9 billion Shiba Inu tokens. Despite these events, the memecoin has managed to hold its ground in terms of price stability post-hack.
As the SHIB community anticipates the projected price breakout, the Shiba Inu ecosystem has achieved a notable milestone with a significant surge in the burn rate of SHIB tokens. Notably, the weekly burn chart displayed the destruction of 271.05 million SHIB tokens within a seven-day period.
The Shiba Inu ecosystem is surpassing expectations with a series of product launches, including features such as Shibarium auto burning and DAO governance, positioning the memecoin project favorably for the anticipated rally.