Shiba Inu (SHIB) is celebrating its fourth anniversary this August, marking its debut on August 1, 2020. Originally conceived as a decentralized community experiment, SHIB drew inspiration from Dogecoin (DOGE) and quickly captured widespread attention.
Its initial surge in 2021 showcased its potential, though the token has faced market volatility and a decline in subsequent years. Despite these challenges, Shiba Inu remains robust, supported by a dedicated community and ongoing ecosystem developments.
Shiba Inu Tokens Soar: SHIB, BONE, LEASH Lead Market RallyRecently, Shiba Inu has shown promising signs of recovery. Technical analysis from JAVON MARKS highlights a bullish structure for SHIB, with a target price of $0.000081 still in play. A macro Hidden Bullish Divergence has been confirmed with the Relative Strength Index (RSI), suggesting a potential for a full recovery and continued upward momentum. This divergence indicates that Shiba Inu could see a significant price increase.
JAVON MARKS predict that the token might rise by 162% from its current level to $0.0000456 and possibly achieve an additional 75% increase, reaching the $0.000081 target. This combined potential represents a remarkable 354% rise.
Furthermore, data from Shibburn reveals a 17% increase in Shiba Inu’s burn rate over the past 24 hours. This increased burn rate is expected to reduce the overall supply of SHIB, potentially driving up the price in the short term. As the supply decreases, the value of $SHIB could see a positive impact, benefiting short-term investors and enthusiasts.
As at press time, Shiba Inu is trading at $0.000014 with a 24-hour trading volume of $300,429,491. The cryptocurrency has experienced a 6.05% increase in the last 24 hours, reflecting a positive short-term. However, the 1-day RSI reading of 38.59 suggests that $SHIB may be approaching oversold conditions. Additionally, the 1-day MACD trading below the signal line implies that Shiba Inu could face a potential reversal soon.
