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Despite lackluster trading performance in the recent weeks, Shiba Inu (CRYPTO: SHIB) could be on the brink of a significant rally, if technical analysis is to be believed.
What Happened: Crypto trader Javon Marks thinks Shiba Inu’s prices are nearing the converging or breakout point of a massive bullish falling wedge pattern on the daily chart. Coupled with the recent confirmation of a bullish divergence, this could lead to a bullish breakout.
According to Marks, it could trigger the next heavily bullish phasefor the meme coin, mentioning a target at $0.000081, which is still in play due to an already holding larger breakout. The next phase would result in a 498% climb from the current levels.
Marks’ prediction comes at a time when the crypto market is experiencing significant volatility. His analysis of Shiba Inu’s price patterns suggests a potential upward trend, despite the current market conditions.
Also Read: ‘Dogecoin Killer’ Shiba Inu Has Not Burned Tokens In 2 Days: What Is Going On?
Why It Matters: IntoTheBlock data shows a 6.9% increase in large transaction volume and a 26.4% spike in daily active addresses. Around 78% of SHIB holders accumulated the meme coin for over a year, while 20% are holding it for one to twelve months.
Arkham Intelligence data shows that the U.S. government holds 54.9 billion SHIB worth $715,300. ETH News reported that the holdings were not purchased but seized as part of law enforcement actions. This raises speculation among traders about what could be the impact if the government offloads the meme coin.
Lucie, the marketing lead of Shiba Inu, revealed during the weekend that Shibarium added a new feature, ‘Security Score' for contracts created on the network. This will offer an extra layer of transparency. In another tweet, Lucie announced the launch of ShibTorch for burning tokens on Shibarium targeting decentralization and a stronger SHIB ecosystem.
Shibburn currently shows a 99% drop in the burn rate, with only 8,256 SHIB burned over the past 24 hours.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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Posted In: $SHIB
