Shiba Inu (SHIB), the parody coin that hit the headlines in 2021, has reignited investor interest. Based on the examination of crypto expert Javon Marks, the token has recently emerged from a declining wedge formation, which may suggest that a substantial price increase is in the offing.

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Marks estimates that SHIB might increase by 342% and reach $0.000081, a level not seen since the bull run of 2021. If current trends continue, the canine-inspired digital asset may see a significant price turnaround.

Following that milestone break, the future of SHIB’s price looks promising. According to the estimations, if the token reaches $0.00001794 in mid-November 2024, there will be a 0.65% immediate price gain.

The current position at a neutral 50 of the Fear & Greed Index reveals a balanced state of mind on the market and correlates well with cautious optimism regarding the change in SHIB price. Of late, in the last 30 days, SHIB has been green for half the days, 15, and that too supports further future development.

$SHIB (Shiba Inu) –

Are you prepared for $0.000081!?

With SHIB broken out of a recent Falling Wedge pattern and a much larger (unpictured) resisting trend, an over 342% run from here to it could happen ASAP, and this falling wedge break may only help spark the process 🧨! https://t.co/wSz2eVepSp pic.twitter.com/eefYqFGg1N

— JAVON⚡️MARKS (@JavonTM1) October 11, 2024

The Power Of A Falling Wedge

For the last five months, SHIB has been in a falling wedge pattern, which is a chart pattern in technical analysis that normally trends with a strong bullish reversal. As such, this particular pattern, where the lows are lower and the highs are lower, has proven to be a trigger for breakouts.

In March 2024, the pattern was apparently clear, as SHIB declined from the yearly high at $0.000045. According to Marks, it may be the breakthrough that pushes the token all the way to $0.000081.

Key Indicators Point To Strength

Momentum may be emerging as SHIB trades around $0.00001785 with persistent higher lows. Additionally, the token’s 50-day and 100-day Exponential Moving Averages (EMAs) are lower than the current price, suggesting bullishness.

The fact that SHIB is still trading above its 200-day Simple Moving Average (SMA) indicates that it is in an uptrend over the long term, despite the fact that it is trading below its 50-day SMA, which is often a bearish signal. The confluence of these indicators indicates that SHIB is stable, although it is possible for it to move farther in any direction.

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Support And Resistance Levels

Looking forward, Shiba Inu has important support around $0.000017; resistance at $0.000018 and $0.000019. Should the token be able to surpass these resistance thresholds, it may rapidly achieve the target anticipated at $0.000081.

Meanwhile, there still is room for development, but traders and investors should continue to watch closely the activity of the price because the next steps for SHIB can validate the breakout or trigger even more consolidation. Yet considering past trends and technical hints that look hopeful, it might be just a matter of time before SHIB explodes into significant value soon.

Featured image from Pexels, chart from TradingView

The Shiba Inu (SHIB) burn rate has surged in the last 24 hours, providing a bullish outlook for the meme coin. This is also significant as it suggests that Shiba Inu bulls are again returning to its ecosystem. 

Shiba Inu Burn Rate Surges By 81%

Data from the Shiba Inu burn tracker Shibburn shows that the meme coin’s burn rate has surged by 81% in the last 24 hours, with 3.7 million coins burnt during this period. Meanwhile, the burn rate has surged by an impressive 3,600% in the last seven days, with 2 billion coins burnt during this period. 

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The surge in Shiba Inu’s burn rate is significant, indicating that the bulls are back in the meme coin’s ecosystem. Since an accumulation trend typically leads to a transaction spike, more SHIB tokens are usually burnt as investors accumulate the meme coin. Data from the market intelligence platform IntoTheBlock also confirms that these Shiba Inu whales have been actively buying the meme coin. 

Large transactions have surged by over 13% in the last seven days, with trillions of Shiba Inu tokens traded during this period. In the last 24 hours, these bulls have traded two trillion SHB tokens. Meanwhile, the large transactions reached a recent high on September 26, when nine trillion SHIB tokens were traded. 

Shiba Inu’s price has also reacted accordingly to these bullish metrics, surging by over 26% in the last seven days. This rally is expected to extend in October as the meme coin could be on the verge of a historic run. Shiba Inu has always recorded positive monthly returns in October, and this time isn’t expected to be different.

Moreover, the broader crypto market outlook is bullish, which supports Shiba Inu reaching new highs next month. Specifically, there have been projections that Bitcoin (BTC) could reclaim the $70,000 price level in October. Therefore, given Shiba Inu’s strong positive price correlation with BTC, it will run as the flagship crypto moves to the upside. 

SHIB Can Rise To As High As $0.000081 Soon Enough

Crypto analyst Javon Marks has predicted that the meme coin can rise to as high as $0.000081 soon enough. He claimed its price had responded massively after noticing multiple confirmed hidden bullish divergences. In line with this, he added that an extended rally towards $0.000081 looks to be in progress. 

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That represents a price rally of over 300% for Shiba Inu. Marks had also previously predicted that Shiba Inu would delete another zero from its price in this bull run, indicating that the meme coin could still rise higher even after it reaches the $0.000081 price level. 

Interestingly, crypto analyst Smile recently predicted that the meme coin could rise as high as $0.05 by 2025. However, for its price to get close to that level, a significant amount of Shiba Inu’s circulating supply will need to be burnt. 

The latest update from Shiba Inu’s team on ‘Shib The Metaverse,’ a virtual playground within the SHIB ecosystem, has garnered noteworthy attention across the crypto landscape. SHIB’s marketing lead, Lucie, revealed that the metaverse’s launch on the meme coin’s ecosystem is closer. This statement, showcasing a game-changing development for the dog-themed token, has reverberated investor optimism globally.

Shiba Inu’s Lucie Hints ‘Shib The Metaverse’ Launch Is Imminent

Marketing lead Lucie took to X on September 29, spotlighting vital details on “Shib the Metaverse: Where the Community Meets, Dreams, and Schemes.” As per her post, the meme token’s ecosystem will finally see the launch of the metaverse in the “foreseeable future.”

Further, the new “space is set to become the beating heart of the SHIB community, where user-generated content, ideas, and collaboration thrive,” Lucie added.

The post pointed out that SHIB holders may think of the virtual playground as the ‘ultimate HQ’ within the ecosystem. With the upcoming rollout, users can chat about fresh ideas, vote on essential proposals, and foster strategies for the ecosystem’s future. This mover is expected to substantially boost activity within the Shiba Inu ecosystem while also solidifying its user appeal.

Meanwhile, additional ecosystem developments spotlighted by the marketing lead in recent X posts have added to optimism about the SHIB coin’s market stance. The dog-themed meme coin’s community reveals how it brought fiat on-ramps to Shibarium, a Layer 2, further revolutionizing the ecosystem.

Intriguingly, Lucie revealed that the future might be even more intriguing, as Shib developers recently explored zkKYC, a privacy-focused method for verifying users without compromising personal data. In addition, “there were plans to introduce fiat top-ups,” the marketing lead added.

SHIB Price Plummets

However, despite the abovementioned advancements, the Shiba Inu coin saw a selloff today. SHIB price slipped nearly 6% to $0.00001873 in the past 24 hours. The coin’s intraday low and high were recorded as $0.00001843 and $0.00001984, respectively. Besides, the weekly chart for the token illustrated a 27% uptick, hinting that today’s slumping movement aligns with the broader market trend.

Coinglass data indicated an 8% downswing in SHIB futures OI to $60.28 million today. Further, the derivatives volume plunged 41% to $356.72 million, mirroring the loss of investor interest in the asset amid the recent price drop. However, the abovementioned advancements and the broader time frame charts have birthed contrasting market sentiments.

CoinGape Media recently reported the SHIB burn rate to have skyrocketed, weighing the scales towards the bullish side for Shiba Inu. Crypto market watchers continue to monitor the token amid recent trend shifts.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.