Trading at $0.00001323, Shiba Inu (SHIB) has confirmed multiple bullish signals simultaneously. The latest falling wedge A breakout signals further gains.
Hey, you. Shiba bearer. This could be the biggest.
Shiba Inu shakes up the crypto scene of 2021, driven by major moments. Famously, Vitalik Buterin of Ethereum fame set fire to 90% of his SHIB holdings, which were half of the total, reducing supply and increasing value.
Moreover, SHIB benefited from widespread market mania, so what will be the catalyst this time?
The prospect of token burn: Can it revive the Shiba Inu?
After cresting at $0.00008616 in October 2021, Shiba Inu has nosedived more than 84%, which is a huge drop even for MemeCoin.
SHIB is not alone in its slide; The entire crypto market has been bullish since 2021, with BTC being one of the few major assets to break new all-time highs.
A catalyst that could send Shiba back to its all-time highs is a new token burn.
With 589 trillion tokens in circulation, a 50% burn would drop the count to 294.5 trillion.
If the market cap is at $8.01 billion, reducing SHIB’s supply could make it worth $0.000027, a 98.5% upside. Although, this will not reach its old heights, it indicates that Burn can only do so much.
Technical Analysis of SHIB
SHIB’s 20-day SMA is moving upwards and is close to the 200-day SMA, which may confirm a bullish trend.
However, a drop below could mean a disastrous September… as can be the case for many crypto assets.
The RSI is sitting at 69.83, close to the overbought zone, suggesting that SHIB’s rally may be stretched. A break above 70 may lead to a short-term correction before the next upward bounce.
Additionally, MACD’s position above its signal line and a positive histogram indicate bullish momentum.
Overall Shiba Inu price action looks good for September. However, major macro catalysts like Token Burn are what drives it to new all-time highs.
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