The cryptocurrency Shiba Inu (SHIB) has experienced significant growth since its launch in August 2020. With its price increasing from $0.00000000005 to a higher valuation, SHIB eliminated six zeros from its initial price within a year. This growth has been attributed to increased demand, rising popularity, and support from its community, known as the “SHIBArmy.”
The anticipated implementation of SHIBARIUM burns expanded use cases, and broader adoption will influence SHIB’s value and market presence. This is as spotlighted by BezosCrypto, a top crypto analyst.
Analyzing the daily Shiba Inu price chart reveals an intriguing setup emerging. Since peaking in mid-December after a SHIB burn-fueled rally, the meme coin entered a descending channel. However, constant buying support defends the $.0000088 level despite the pullback.
As February opens, SHIB currently trades slightly higher at $.0000090 as the narrowing channel signals waning bearish momentum. The technical foundations for a bullish breakout build are overhead resistance descending while solid support continues absorbing selling pressure.
If passionate pro-SHIB voices overwhelm lingering skepticism and trigger an upward burst, intense community excitement around intensifying token burns could fuel a dramatic surge. A successful breakout opens the door for a rapid run toward the psychological $.000011 level that also cancels another zero.
Further fueled by expanding real-world integrations, the metabolic meme coin retains the potential to register explosive gains. CryptoWizard101, a top crypto analyst, shares the bullish sentiment, highlighting the current price as within a “demand zone” where significant buying activity historically occurs.
They anticipate a price increase soon, fueled by the approaching breakout and ongoing SHIB burns. While SHIB still faces challenges, the upcoming Shibarium launch and unwavering community support paint a promising picture.
Should a bullish breakout occur, coupled with the deflationary impact of burns, SHIB could very well erase another zero from its price tag, sending the #SHIBArmy into a frenzy.
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