Experts Predict Shiba Inu Poised for Strong Recovery This August – Could SHIBASHOOT Be the Next to Explode?

Shiba Inu might be nearing a big change, with a recent recovery and a potential breakout that could 2x its value this August.

As the cryptocurrency market rebounds, Bitcoin and various altcoins are showing bullish signs. Meme coins, including Shiba Inu, have regained attention and are thriving in this uptrend.

Along with SHIB’s technical outlook, the ecosystem is growing with new projects like Shiba Shootout.

SHIB price analysis

The dog-themed cryptocurrency Shiba Inu (SHIB) has experienced a dramatic increase in its burn rate, which surged by 38199412.62%. The Shibburn X account reported that 39,345,498 SHIB were burned in the past 24 hours, reflecting this massive increase.

In the same period, Shiba Inu’s price rose, hitting an intraday peak of $0.00001468 during Sunday’s trading. However, this rise was brief, as profit-taking in the cryptocurrency market led to a price decline.

Currently, SHIB has decreased by 1.34% over the past 24 hours to $0.00001385 and is up 4.61% for the week. This recent price behavior indicates that the link between token burns and price changes may not always be clear.

The price spike that followed the burn rate increase was soon followed by a pullback, suggesting that market participants may be waiting for more consistent momentum before making significant trades.

Although Shiba Inu’s burn rate has surged, it is not the only factor affecting SHIB’s market performance. Broader market conditions, investor sentiment, and overall cryptocurrency trends also play a role in shaping SHIB’s price movement.

For those seeking alternative investments, check out our 2024 guide to the best meme coins to buy.

SHIB price prediction

From a technical analysis perspective, SHIB presents an intriguing scenario that might signal potential bullish trends. Currently, SHIB’s market cap is around $8.2 billion, showing a slight dip. However, the daily correction of about 3.69% suggests a promising outlook.

SHIB holds the 13th spot on CoinMarketCap, slightly behind Avalanche (AVAX) and Tron (TRX). Among meme coins, SHIB maintains a leading position, significantly outpacing Pepe, which does not pose immediate competition.

In terms of market structure, SHIB displays strength. Despite a recent low, the asset has consistently formed higher lows, indicating a macro bullish market structure. The yellow trend line, which has acted as a support level, is crucial to monitor. A close above this line might signal a continuation of the bullish trend.

Additionally, a recent test of a significant trend line ended with a positive close, further supporting the potential for upward movement. Past price actions along this trend line have also shown bullish momentum, making SHIB a strong candidate for gains in the coming weeks.

Attention now shifts to SHIB’s next daily candle close. If it closes above the current level, a bullish breakout might occur, targeting the 0.618 Fibonacci retracement zone. This zone represents an 8.79% potential increase, especially after recent selling pressure.

A reversal at this point would confirm the bullish trend, and testing the 0.5 Fibonacci retracement level would add further support to this outlook.

If SHIB reverses from its current position, the profit potential is significant. A move back to the current bull market high could result in a 3.1x return on investment, making SHIB a promising option for investors seeking substantial gains.

Promising SHIB alternative: Shiba Shootout (SHIBASHOOT)

Shiba Shootout (SHIBASHOOT) is a new P2E meme coin creating excitement. It combines a Wild West theme with skill-based gameplay and raised nearly $1 million in its recent ICO.

Incredible!