- Shiba Inu price has hurdled a key indicator that could catalyze a 20% rally.
- This month, millions of SHIB tokens have been burned, creating speculation around the notorious meme coin.
- Invalidation of the bullish outlook is a breach of the newly established swing low at $0.00001000
Shiba Inu price has rebounded after losing 30% of market value in September. More uptrend is possible. Key levels have been identified to keep track of the developing trend.
Shiba Inu price shows retaliation signals
Shiba Inu price shows a potential to move higher as the bulls have successfully hurdled the 8-day exponential moving average at $0.00001107. A classic retest-and-rally signal is displayed on higher time frames from the moving average, likely to pour an influx of volatility into the market.
Shiba Inu price currently auctions at $0.00001143 as the bulls are attempting to hurdle the 21-day simple moving average (SMA). A hurdle of the SMA could be the buy signal sidelined investors are looking for.
SHIB USDT/ 12-Hour Chart
The early bullish signals are accompanied by newfound positive market sentiment. According to FXStreet’s News Report Ekta Mourya, 132 million Shiba Inu tokens were destroyed. The coins were sent to the dead wallet address, permanently removing them from circulation.” The burning of SHIB tokens directly affects basic supply and demand principles. The act alone is enticing retail traders to place orders. Based on these factors, it is possible the sacrificial gesture could catalyze the next Shiba Inu bull run.
If the market is genuinely turning bullish, a rally towards the September high at $0.00001401 is a reasonable target. The rally would result in 20% of the current Shiba Inu price.
Invalidation of the uptrend depends on the September lows of $0.00001000 remaining unbreached. If the newly established lows were broken, the bears would likely take control and target liquidity levels near $0.00000800, resulting in a 30% decrease from the current Shiba Inu price.
In the following video, our analysts deep dive into the price action of Shiba Inu, analyzing key levels of interest in the market. -FXStreet Team
