- Shiba Inu (SHIB) gains 19% in a week as bullish divergence and strong buying zone boost momentum.
- 2. SHIB burn rate spikes 1866% with 15.18 million tokens burned, reducing supply and supporting price growth.
- 3. Price targets $0.000015 short term and eyes $0.00003 as SHIB recovers from key support levels.
Shiba Inu (SHIB) is starting to respond to a large bullish divergence, with technical indicators showing the possibility for a full recovery. The token increased by 19% this week, which has left many in the crypto market predicting a possible move for the coin back to the $0.00003 range, which could reflect nearly a 100% upside from current levels.
Strong Buy Zone and Bullish Price Setup for SHIB
According to CryptoELITES, a crypto analyst, he took on X to note that Shiba Inu is currently positioned within a strong buy zone, signaling a possible breakout. He stated that a 17x gain could be possible for SHIB, suggesting a future price target around $0.0002. Additionally, he noted that the market is entering a phase where “a big move is coming soon.”
Current price data shows SHIB trading at $0.00001450, recording about a 3% increase intraday. The price ranged between $0.00001383 and $0.00001521, building momentum above key support levels. The meme token’s consistent rebound from its support around $0.00001107 has strengthened buyer confidence.
Higher timeframe charts indicate a bullish divergence, signaling that SHIB’s trend could shift from consolidation to a breakout phase. This setup may allow SHIB to aim for $0.000015 in the short term and potentially reach $0.00003 if momentum persists.
Burn Rate Surge Strengthens Supply-Side Optimism
Adding to this sentiment, according to data from Shibburn, Shiba Inu’s burn rate surged by 1866% intraday, with 15.18 million tokens permanently removed from circulation. Following the supply reduction, the current circulating supply stands at around 589.25 trillion tokens.
The token burn reduces available SHIB in the market, supporting the economic principle where lower supply with steady demand could lift prices. The recent supply drop aligns with SHIB’s climbing price, reinforcing the bullish outlook.
Affirming this information, the price of SHIB has increased by 1.52%, reaching $0.00001441. Trading volume also surged by 39.67% over the past 24 hours. The chart highlights a recovery from a dip below $0.0000140, followed by a strong rally and stabilization around the current level.
