Overview of the main elements:
- The price of the shib is going under the resistance to $ 0.0000117 on the weekly graphic.
- A rupture of the triangular configuration could skyrocket the SHIB to $ 0,00023.
- 132 million shibs were burned this week, reducing the offer and strengthening the bullish potential.
The price of Shiba Inu (Shib) continued to consolidate just below the resistance of $ 0.0000117. The weekly graph shows a price compression under a descending trend line, forming a symmetrical triangle, often a precursor of ruptures.
Many analysts have reported a potential bullish movement. In addition, the data from the chain confirmed that more than 132 million SHIB tokens were burned last week, thus reducing the offer and strengthening the bruise arguments – if Shib exceeds resistance.
An analyst identified weekly triangle training
Analyst Crypto Shib Knight shared a graph showing the price of the shib stuck in a symmetrical triangle. He noted that the shib is maintained just below the weekly resistance at $ 0.0000117. Its graph emphasizes that the SHIB respected the lower trend line, with a support maintained for four consecutive weeks.
In addition, the configuration has shown lower peaks that form under strong resistance. This suggests that sellers lose strength. The longer SHIB maintains the support, the more likely it is than a breakout to follow. The $ Shib Knight added that Bitcoin movements could still affect this configuration.
In addition, he stressed that a break above the triangle could trigger a new upward trend. The symmetrical triangle has compressed itself, leaving little room for a lateral evolution. Based on past breaks, the structure seemed ripe for resolution.
The best analyst provides for an increase in the price of the Shiba Inu of 17 times to $ 0,000,23.
In addition, Cryptoelite crypto analyst has also identified the triangle configuration. He confirmed the training by marking three successful tests of the lower trend line. Its projection has shown that rupture could push the price of SHIB to $ 0,000,23, almost 17 times more than the current price.
Its graph included ascending support lines and Fibonacci extensions. These confirm the upward perspectives in the event of crossing the resistance. The price has oscillated just below the upper limit of the triangle, making it a key inflection area.
In particular, Cryptoelites said that the previous Shib Rally began after similar triangular consolidations. He compared the current conditions for past cycles, where the price of Shiba Inu has skyrocketed after a strong defense of key trend lines. This gave more credibility to the model.
-The objective of $ 0,000,23 would represent a major development in market price and capitalization. However, the analyst said that this movement would require a confirmed rupture above the upper line of the triangle.
The exhaustion rate of shib stocks jumped with the withdrawal of 132 million tokens
In addition, channel data has shown growing support for the price appreciation. According to Shibburn data, more than 132 million shib tokens have been burned in the last seven days. The weekly combustion rate jumped 107 %, which testifies to the increase in community activity.
These burns have decreased the total supply of tokens in circulation, which is part of the deflationary tokenomic of Shiba Inu. Analysis of daily activities in the ecosystem has revealed burning of continuous and established tokens, carried out through various wallet addresses. This supported up bullish technical training.
However, the reactions were not all favorable. Some participants were concerned about current burns and their effects. Some members of the community have wondered about the impact of current burns. The founder of Wallstreetbets commented that despite the burns, the Shib offer remains unchanged. He said that in crypto, size does not matter, but that it is the idea that counts.
The objective of $ 0,00023 would increase the market capitalization of Shib
If the price of the SHIB reaches the level of $ 0.00023, its market capitalization would increase to nearly $ 135 billion. This would place it even higher than certain major parts such as Ripple (XRP). To reach a market capitalization of this level, there must be a large influx of funds from young and old.
It is interesting to note that such an evolution would probably require an even wider acceptance of the SHIB ecosystem. The usefulness of the token, the activity of the network and certain external factors will have to evolve in unison. For the moment, the price of the shib remains below the resistance, and the trend is always valid.
The symmetrical triangle remained in place on the weekly graphic. Technical data and chain data indicate a key decision -making area. The level of rupture close to $ 0.00001117 is likely to determine the next major movement of the SHIB.
Non-liability clause
In this article, the points of view and the opinions expressed by the author or by any person quoted are given as information only and do not constitute advice on investment, finance or other. Trade or investment in cryptocurrencies has a risk of financial loss.
