SHIB Price Prediction and Forecast: New Burning Mechanism & Trendline Break Signals 82% Rise?
Shiba Inu Token (SHIB) had a remarkable journey in 2023, witnessing an impressive +102% surge, bouncing back from a -71 % decline in 2022.
The SHIB ecosystem saw several groundbreaking developments, with Shibarium, a layer-2 platform, emerging as a standout. Anticipation is high for this positive momentum to not just sustain but gain renewed strength in 2024.
Furthermore, the recent break in the trendline on the weekly chart solidifies the optimistic SHIB Price Prediction.
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Shiba Inu Platform Introduces Dual-Phase Token Burn for SHIB Value Boost
SHIB witnessed over 76 billion tokens burned in 2023, with December being the record month. In April 2022, Shiba Inu unveiled plans to burn around 111 trillion SHIB token annually. According to this plan, 2024 could see around 10 Trillion SHIB tokens burn, which would add to the value of SHIB.
Recently, the Shiba Inu Platform has revealed plans for a two-step token burn process for its native token, SHIB. Initially, a manual phase will be overseen for careful monitoring and adjustments to maintain network health. Subsequently, come January, an automatic system will take over, offering a quicker and more transparent approach.
This initiative holds promise for SHIB holders, as increased platform usage is anticipated to elevate SHIB’s overall value. With heightened transaction activity and associated fees, the ongoing token burn process is expected to create a self-sustaining growth cycle.
The Shiba Inu Platform’s commitment to enhancement positions SHIB as an increasingly appealing option for investors and enthusiasts.
SHIB Price Prediction – Trendline Break Signals 82% Rise Ahead
The weekly analysis of the SHIB/USDT chart indicates potential bullish momentum in the near future. Recent price movements have surpassed the Trendline, supporting a positive outlook for SHIB price prediction.
Additionally, the bullish signals are corroborated by the Awesome Oscillator (AO), with green histograms emerging above the zero line.
Moreover, the prices have entered the Ichimoku Cloud region after spending a significant duration below the cloud. Once within the cloud, there is a likelihood of sustained upward movement, potentially exceeding the cloud and confirming the bullish trend.
SHIB Price Prediction: Bull Case
In the event of upward continuation, initial resistance is anticipated near 0.000011835, proximate to the Leading Span B. A successful breach and close above this level could result in substantial gains. Thus, the potential target of 0.000017851 represents an 82% increase from the current price.
SHIB Price Prediction: Bear Case
Conversely, initial support is provided by the Leading Span A, in close proximity to the Trendline. A breach and close below the Trendline may intensify selling pressure, leading to a decline towards 0.000006708. Traders and investors should closely monitor these key levels for potential market movements.
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