- SHIB had a 28% price increase after correcting in the market.
- $2.9 million worth of SHIB tokens were burned over the last 24 hours.
Shiba Inu [SHIB] has shown signs of a significant price explosion recently. Nevertheless, it remains questionable whether it will be able to hold on to this momentum. Lets look at the latest analysis and what it could imply for SHIB’s future.
From consolidation to surge
Shiba Inu’s recent price action has been quite interesting, especially with respect to its movements of late. Just before a major market crash took place, the coin was consolidating within a bullish flag pattern.
At this point, SHIB’s price dropped back down by 37% towards the key flag support level, which is a critical level for investors who are looking out for either a breakout or further dip.
However, the price corrected by rising 28%, indicating a potential upward momentum build-up in the form of bulls returning into play again.
This recovery shows that bulls might not be completely running out of steam yet, as there could still be more space for upward moves.
Source: TradingView
The stochastic RSI is in an oversold zone, also suggesting a potential reversal.
One notable development in the SHIB ecosystem is the recent burn of $2.9 million in SHIB tokens within the last 24 hours. The Shibburn Tracker reported this big burn, which adds up to bullish sentiment around SHIBs.
Holder provides a strong launchpad
In another positive aspect; approximately 45.32% of SHIB holders are currently “in the money,” holding on to tokens at an advantage over the current market price.
Consequently, this high number of profitable holders suggests strong confidence in the asset, which could be a support level for them even as they might be hesitating before offloading their positions.
Source: IntoTheBlock
Adding to the aforementioned, the data from Coinglass indicates that SHIB has had relatively high volatility, which stands at 73% as of writing.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
This market volatility, along with recent price action and burning events, indicates that traders and investors out there are highly attentive to moves by SHIB.
Source: IntoTheBlock
With the recent SHIB price surge, token burn and strong holder base, sentiments lean more towards optimism of a continued bullish run.
