Ekta Mourya
FXStreet
Shiba Inu price is on track to make a comeback from the recent pullback and double in the near future as the meme coin’s circulating supply shrinks further. Analysts reveal a bullish outlook on Shiba Inu price.
Shiba Inu price made a comeback after posting nearly a 5% drop over the past two weeks. Proponents have identified two key reasons behind Shiba Inu’s price rally. The key reason is the recent burn of 2.41 million SHIB tokens sent to inferno wallets.
Shiba Inu sent to dead wallets is pulled out of the circulation, contributing to a supply crisis. The community has contributed to burn events, which typically influence Shiba Inu price positively.
The second reason for Shiba Inu’s breakout is whale accumulation. Large wallet investors on the Ethereum network have consistently scooped up Shiba Inu during the dips, increasing their SHIB holdings and diversifying their portfolio.
An Ethereum whale recently purchased $20.4 million worth of SHIB, driving a bullish outlook among investors in the community.
Historically, rising scarcity in the Dogecoin-killer token, Shiba Inu, and increased demand and real-world adoption have fueled a rally in its price.
FXStreet analysts believe Shiba Inu price could double in the near future, and a unique buying opportunity has presented itself to traders.
Analysts have set the upside target at $0.0000454 and believe the upswing could push Shiba Inu to $0.0000500 with adequate momentum. Analysts are watching out for a retest of the $0.0000211 support level to confirm the bullish prediction.
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Bitcoin price action over the last 72 hours indicates that a massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective.
Luna Classic (LUNC) price witnessed a massive spike on Friday, after yielding 12% gains overnight. The move came after the world’s largest crypto exchange, Binance announced it would be burning 6.39 billion LUNC tokens.
Binance’s native token BNB suffered a 3% decline in response to the $5 million exploit on DeFi protocol Ankr Protocol. The BNB chain-based protocol confirmed that it has fallen victim to a multi-million dollar exploit.
Cardano (ADA) price action is trading in more quiet waters as the spillover effects and aftermath of FTX and BlockFi bankruptcies are finally easing into the background.
A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible.
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