Shiba Inu, along with other meme coins like Dogecoin and Pepe, has seen a significant price rise recently. The Shiba Army is actively pushing for Binance to burn SHIB tokens, potentially driving further price increases.
Points
- Shiba Inu has experienced a significant price rise, driven by community enthusiasm.
- The Shiba Army is pushing Binance to burn SHIB tokens to increase scarcity.
- Technical analysis shows significant resistance at the next price stage.
- Overcoming resistance could lead to substantial price gains.
Shiba Inu, along with other meme coins like Dogecoin, Pepe, and DOGwifhat, has experienced a significant price rise in the past 24 hours. The enthusiasm of the Shiba Army and the activity on the charts suggest that Shiba Inu might be gearing up for a price rally.
Recently, Binance CEO Richard Tend tweeted about US-listed Bitcoin ETFs. In response, the Shiba Army actively requested that Binance burn SHIB tokens, similar to how they burn LUNC collected as trading fees. The Shib burning tracker Twitter handle quoted a fan’s tweet to Richard, asking to imagine if Binance burned SHIB like LUNC. This tweet received massive support from Shiba Inu fans.
According to IntoTheBlock data, Shiba Inu may face significant resistance at its next price stage. Between $0.000017 and $0.000019, there are 30.37k addresses holding a total of 424.11T SHIB tokens purchased at this price. Once the price breaches this zone, these holders might book profits, potentially causing the price to drop again.
On the other hand, the Stoch RSI shows a rising pattern for Shiba Inu. A similar pattern in the first week of July led to a 36% price rise.
In the past 24 hours, the price of this meme token has already increased by 8.87%. If it overcomes the resistance and rises by 30%, Shiba Inu’s price could reach $0.00002065, another major resistance point.
The Rising Star candlestick pattern on the chart confirms this. The last three months of Shiba Inu’s movement indicate a bearish trend. The formation of the Rising Star at the end of this trend suggests a potential trend reversal.
Explanation
- Shiba Inu’s price rise is driven by community enthusiasm and technical indicators.
- The Shiba Army’s push for Binance to burn SHIB tokens aims to increase scarcity.
- Technical analysis shows significant resistance, with potential for substantial gains.
- The Rising Star candlestick pattern indicates a possible trend reversal.