In spite of the bearish state of the crypto market, a single analyst has expressed optimism regarding Shiba Inu (SHIB). According to insights from TradingView analyst Krao, the dog-themed digital asset SHIB could potentially reach $0.001 in the near future amidst a breakout scenario. This anticipated surge is poised to emerge following a significant breakthrough driven by a multi-month descending trendline that has hindered SHIB’s notable bullish cycle for the past three years.
Currently, SHIB is being traded at $0.00001337, showcasing a modest 0.26% increase within the last 24 hours. The analyst’s projection implies that the token will inevitably shed two decimal places. If this projected breakout unfolds as envisioned, SHIB’s value would skyrocket by 7,379% from its current valuation. Alongside Krao’s perspective, a recent SHIB price analysis explored the possibility of Shiba Inu surging to $1.
To support his argument, Krao shared a chart depicting a prolonged descending trendline that has kept Shiba Inu under pressure since late 2021. Following SHIB’s All-Time High (ATH) peak of $0.00008854 in October 2021, the cryptocurrency underwent a significant downturn alongside the broader market before entering a phase of recovery, succeeded by consolidation.
During this consolidation phase marked by a sequence of lower highs and relatively stable movement, SHIB’s price fluctuated between lows of $0.000005 and highs near $0.00003. This extended period characterized by low volatility hinted at an imminent moderate surge in SHIB’s price.
In parallel, despite recent challenges such as Indodax exchange encountering a major hack, resulting in a substantial drain of $22 million worth of liquidity and the theft of 9 billion SHIB tokens, the value of SHIB has not undergone a substantial negative impact post-hack. As the SHIB community anticipates the forecasted price breakout, the ecosystem has hit a notable milestone with a remarkable 8000% increase in SHIB burn rate over a 24-hour period, leading to the destruction of nearly 3 million tokens. Moreover, a weekly burn chart revealed a staggering 271.05 million SHIB tokens being burned within seven days.
The Shiba Inu ecosystem is surpassing expectations with a range of product introductions such as Shibarium auto-burning feature and DAO governance, positioning the memecoin project strategically for the forthcoming rally.