Shiba Inu (SHIB) Price: Forms Bullish Pattern as Analysts Project $0.0000702 Target

TLDR

• Shiba Inu (SHIB) displays strong technical indicators suggesting a potential 189% price surge to $0.0000702, based on analyst Alan Santana’s research
• Token has maintained stability around $0.000024 level for over a month, indicating possible accumulation phase
• Currently trading at $0.00002755 after an 11.20% weekly correction
• Shibarium Layer-2 network has contributed to burning 56 billion SHIB tokens through gas fees
• Project leadership emphasizes ecosystem development and partnerships over token burning alone

Shiba Inu’s price movement has captured the attention of market analysts, with recent technical analysis suggesting a potential upward surge of 189%. According to data from prominent cryptocurrency analyst Alan Santana on TradingView, SHIB’s price action displays several bullish indicators that could lead to substantial gains in the coming period.

The popular meme token has maintained relative stability around the $0.000024 price level for more than a month, establishing what appears to be an accumulation phase. This period of consolidation often precedes major price movements, according to market technicians.

Current market data shows SHIB trading at $0.00002755, following a 7-day correction of 11.20%. Despite this short-term pullback, technical analysis suggests the token could reach a target price of $0.0000702, representing a potential increase of 189.60% from current levels.

The daily chart analysis reveals an oval trend pattern with consistently higher lows, typically considered a bullish indicator in technical analysis. This pattern formation suggests growing buyer interest at progressively higher price levels, potentially setting the stage for an upward breakout.

On-chain metrics support the technical analysis, with data showing increased network activity and growing ecosystem development. The Shibarium Layer-2 network, specifically designed for the Shiba Inu ecosystem, has emerged as a key driver of token burns through its gas fee mechanism.

Recent data indicates that Shibarium has contributed to the burning of approximately 56 billion SHIB tokens since its launch. This reduction in circulating supply could potentially impact the token’s price dynamics, as decreased supply typically supports price stability or appreciation when demand remains constant or increases.

The project’s dedicated burn portal has also removed an additional 600 million SHIB tokens from circulation permanently. These combined burning mechanisms represent ongoing efforts to manage token supply effectively.

Key community figure Shytoshi Kusama has emphasized the importance of balanced ecosystem growth. In recent communications, Kusama highlighted that while token burning plays a role in the project’s tokenomics, the long-term success of Shiba Inu relies more heavily on ecosystem development and strategic partnerships.

Trading volume data shows consistent activity across major exchanges, indicating sustained market interest in the token. The daily trading patterns reveal increased buying pressure at key support levels, contributing to the formation of the current technical pattern.

Shiba Inu Price on CoinGecko

Market makers and liquidity providers have maintained steady support at crucial price levels, as evidenced by order book data from major trading platforms. This stability in market depth suggests institutional interest in the token remains stable.

The technical formation observed in SHIB’s price chart aligns with historical patterns that preceded previous rallies in the cryptocurrency market. However, these patterns require confirmation through increased trading volume and breakthrough of key resistance levels.

Recent developments in the Shibarium network show growing adoption rates, with increasing numbers of daily active addresses and transaction counts. This underlying network growth provides fundamental support to the technical analysis outlook.

Order flow analysis indicates accumulation by larger wallet addresses, suggesting confident positioning by experienced market participants. This accumulation pattern often precedes price appreciation in cryptocurrency markets.

The token’s price action shows decreasing volatility during the recent consolidation period, typically considered a precursor to major price movements in technical analysis. This compression in price range often resolves in the direction of the underlying trend.

SHIB currently trades at $0.00002755, maintaining its position above key moving averages on daily timeframes. The token has established strong support at the $0.000024 level, with resistance identified at $0.000032.