- Analyst predicts SHIB could rise 261% to $0.000081, with potential for a 585% surge fueled by token burns and community support.
- SHIB burn rate surged 404.11% in 24 hours but dropped 75.8% weekly, showing fluctuating community-driven initiatives to increase scarcity.
- Technical indicators show SHIB aligning with 0.5 Fibonacci levels, with bullish momentum targeting resistance at $0.00002217 and above.
Shiba Inu has seen major price volatility, leading to predictions of a potential exponential growth in 2025. According to analyst Javon, SHIB is near a bullish breakout, with predictions targeting a possible price increase to $0.000081.
This projection, representing a 261% rise from current levels, could extend further to $0.0001553, dropping a decimal point and yielding a total 585% surge. Such views show growing optimism within the SHIB market, boosted by community-driven initiatives like token burns.
SHIB Token Burns
The Shiba burn rate has become a focal point for the community, aiming to reduce token supply and increase scarcity. According to data from Shibburn, over 6.1 million SHIB tokens were burned in the past 24 hours, a 404.11% increase.
However, in the past week, there has been a decline of 75.8% to 42.3 million token burn, suggesting fluctuating community activity. The SHIB community continues to rely on these metrics as indicators of market sentiment.
At press time, SHIB was trading at $0.00002197 down by 0.17% in the past 24 hours. It has a market cap of $12.95 billion, showing resilience despite broader market corrections.
Technical Indicators Signal Bullish Momentum
Indicators show potential for continued upward trends. Javon notes a breakout from a downtrend, confirmed by a successful retest of the trendline as support. If SHIB maintains this momentum, initial targets of $0.00000991 and $0.00001853 become achievable.
Hidden bullish divergence on the Relative Strength Index (RSI) suggests strengthening upward pressure, despite recent price consolidations. Fibonacci retracement levels provide clarity on resistance and support zones.
SHIB’s current price aligns with the 0.5 Fibonacci level, a crucial range for price consolidation. Immediate resistance is at $0.00002217, with the following levels at $0.00002484 and $0.00002865. These levels are critical barriers that, if breached, could lead to massive rallies.
Source: CryptoRank
Volume Trends and MACD
A volume spike during the breakout phase indicates market participation. However, the recent decline in volume during retracement suggests waning bearish strength, a precursor of a potential rally.
Meanwhile, the MACD shows bearish momentum as its line remains below the signal line. A narrowing gap between these lines could hint at a shift toward bullish momentum. SHIB’s price action remains closely tied to its ability to sustain above key support levels and break the resistance zones. If this happens, projections by analysts and the market’s optimistic outlook could be fulfilled in 2025.