Four Signs Shiba Inu Will Have Exceptional Weeks Ahead

While Shiba Inu starts the week with a dip, technical indicators hint at a potential price surge in the coming weeks.

Shiba Inu is commencing this week on a negative note by registering a mild decline over the past 24 hours. CoinMarketCap data shows SHIB has recorded a low of $0.00001059 today, marking an approximately 3% decline.

Meanwhile, assessing Shiba Inu through a one-week metric reveals that the digital asset still retains a substantial portion of the gains acquired over the past seven days. Nonetheless, there are additional indicators hinting at the potential for Shiba Inu to experience favorable price turnout in the coming weeks.

Shiba Inu Relative Strength Index

Based on market data, the relative strength index (RSI) for Shiba Inu currently resides within the neutral range. This is a notable shift from the oversold region witnessed previously.

This short-term price metric indicates that Shiba Inu may be poised for favorable price action in the coming days, as crypto market participants have not yet driven the digital asset into overbought territory. 

Shiba Inu Burn Rate

Just two days ago, the Shiba Inu team undertook a substantial reduction in the SHIB token supply, eliminating over 17 billion units. Notably, this strategic burn was facilitated using transaction fees accumulated from Shibarium.

This new burn follows the team’s prior token action, where over 16 billion SHIB tokens were incinerated in the preceding weeks. Consequently, the newly executed SHIB burn now brings the total Shiba Inu tokens burned this month to over a staggering 33.8 billion.

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Emphatically, this deliberate reduction of Shiba Inu tokens introduces a scarcity factor that could positively impact SHIB prices. This aligns with heightened demand dynamics, bolstering investor confidence in the token’s value proposition.

Technical Indicators Show No Bearish Factor

Interestingly, data from the market tracking platform CoinCodex suggested the prevailing sentiment in Shiba Inu price predictions is optimistic. In particular, it cited that 28 technical analysis tools indicate bullish signals, while none signal bearish indications.

Furthermore, following the information from the technical indicators, CoinCodex predicts Shiba Inu could hit $ 0.00001156 in the next 30 days.

Long Stay in Bears

Amid the unfolding bull run, Shiba Inu stands out as one of the digital assets that has yet to chart substantial bullish trajectories. This is in contrast to the remarkable growth seen in Solana (ADA), Cardano (ADA), and Avalanche (AVAX), all of which have surged by at least 100% this year. 

According to CoinMarketCap data, Shiba Inu has experienced a modest increase of just 28% since January. Recall The Crypto Basic’s report disclosing that Shiba Inu previously stayed nearly 180 days without canceling a decimal place.

Hence, given the prolonged stay in bears and bullish factors from technical indicators, Shiba Inu is primed for its fair share of the crypto bull market to potentially catch up with the notable gains seen in other digital assets.

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• Source: https://thecryptobasic.com/2023/12/25/four-signs-shiba-inu-will-have-exceptional-weeks-ahead/?utm_source=rss&utm_medium=rss&utm_campaign=four-signs-shiba-inu-will-have-exceptional-weeks-ahead