Renowned crypto analyst Javon Marks has projected a continued bullish trend for Shiba Inu (SHIB), despite the recent market fluctuations. In a recent X post, the analyst highlighted that SHIB’s price has surged over 100% since breaking out of a significant resistance trend. This, he suggests, signals the potential for a major upward movement.
Marks forecasts that SHIB could target a price of $0.000081, representing a possible 294% increase from its current level. He notes that this recent pullback may actually pave the way for a breakthrough above this target. Should SHIB manage to hold or break above $0.000081, it could next set its sights on $0.0001553.
However, Shiba Inu faces a significant challenge ahead. A substantial sell wall looms just below the $0.0001 mark, a major resistance level identified between $0.000056 and $0.000139. Data from the renowned analytical platform IntoTheBlock highlights that 91,760 addresses acquired 29.6 trillion SHIB, valued at $538 million, at an average price of $0.000066. Breaking through this sell wall could solidify SHIB’s upward momentum.
The Shiba Inu community has ramped up efforts to burn SHIB tokens, aiming to reduce supply and increase scarcity. Shibburn, a leading tracking platform, revealed a significant surge in the SHIB burn rate over the past 24 hours, with more than ten million tokens destroyed. This surge resulted in a 12,842.37% increase in the burn rate, a significant milestone for the community. As of now, SHIB is trading at $0.00001761 marking a decline of 11.22% in the last 24 hours.
Over the last 24 hours, seven major burns have been recorded, with the largest transfers destroying nearly all of the 12.8 million SHIB tokens. The largest transactions included 5,072,279 and 5,078,720 SHIB, sent from the same unidentified wallet, contributing significantly to the overall burn. Despite a 62% plunge in the burn rate on Monday, where less than 100,000 SHIB were burned, the recent surge indicates strong community support and a concerted effort to bolster SHIB’s value.
As Shiba Inu navigates these market dynamics, investors and analysts alike are closely watching its performance, anticipating whether it could break through resistance levels and achieve new highs. The coming days would be crucial in determining SHIB’s trajectory, with bullish and bearish factors at play.
