- Shiba Inu has broken out of a falling wedge pattern, signaling a potential bullish trend.
- The RSI on the daily chart has moved into oversold territory and is now showing signs of recovery.
- Binance recently burned over 5 billion SHIB tokens, reducing the token’s supply and potentially boosting its price.
DOGE killer, Shiba Inu, has shown remarkable strength as it breaks out of a falling wedge pattern and confirms a bullish trend on the daily chart. As per the latest technical analysis, the falling wedge is a crucial pattern that indicates a potential reversal of a downtrend.
However, when the price breaks out of the wedge’s upper boundary, it often signals a bullish continuation of the trend. Confirming the bullish thesis is that the RSI (Relative Strength Index) as seen on the daily chart, has moved into oversold territory and is now showing signs of recovery.
With the recent breakout, the popular meme coin is poised to continue its upward momentum toward its overall target of $0.000081. Notably, the initial stages of this next leg up may have already begun, driven by the falling wedge breakout.
However, it’s important to note that the cryptocurrency market is highly volatile, and prices can fluctuate rapidly. Investors should exercise caution and conduct thorough research before making any investment decisions.
While SHIB has shown promising signs, it’s crucial to monitor market trends and consider potential risks associated with investing in cryptocurrencies.
Shiba Inu Gets a Burn Boost from Binance
Meanwhile, the Shiba Inu community is excited as Binance recently burned millions of SHIB tokens. Data from Shibburn shows that the exchange transferred over 5 billion SHIB tokens to a dead wallet, effectively removing them from circulation.
This latest burn act is seen in a positive light by community members who have been eagerly anticipating such moves to reduce the token’s supply and potentially boost its price. Shiba Inu holders urged other crypto exchanges to follow Binance’s lead and implement similar burn mechanisms.
For a long time, the Shiba Inu community has been calling on centralized exchanges (CEXs) like Binance to contribute to SHIB burns. Binance’s involvement highlights the exchange’s commitment to supporting the SHIB community’s goals. As documented on Etherscan, the burn rate underscores a growing trend where major SHIB holders, especially CEXs, are taking the initiative to reduce the supply of tokens and contribute to price stability.
