- Renowned analysts like ‘Rekt Capital’ and Xanrox suggest that Shiba Inu (SHIB) might replicate its remarkable 2021 bull run.
- March 2024 witnessed a remarkable surge in SHIB burn rate, with 15.64 billion tokens incinerated, marking a 2330% increase from the previous month.
In March 2024, Shiba Inu surged above the $0.00004 threshold, marking a significant milestone after a prolonged period of subdued performance spanning nearly two years. During the meteoric rise of 2021, SHIB experienced an unprecedented surge in value, propelling early investors to millionaire status within a remarkably short timeframe. Surging an astonishing 85,000,000% (85 million percent) between August 2020 and October 2021, SHIB delivered life-changing returns for those who got in early.
Renowned cryptocurrency analyst ‘Rekt Capital‘ shared insights with his nearly half a million followers on X, suggesting that SHIB could potentially recreate its remarkable 2021 bull run. Referencing charts, he illustrated how Shiba Inu appears to be following a pattern reminiscent of the one observed during the 2021 bull market.
SHIB ultimately reached the blue resistance but rejected from it
In late 2021, #SHIB also wasn’t able to break blue resistance on the first attempt
In fact, in late 2021 that blue resistance rejection forced SHIB to retest the orange level as new support (orange circle)… https://t.co/5EkSyEXMsT pic.twitter.com/pa2zi1kvij
— Rekt Capital (@rektcapital) March 23, 2024
Another popular analyst Xanrox stated that the current dip in Shiba Inu (SHIB) price is providing investors an opportunity. Employing the Fibonacci retracement tool, a widely recognized technical indicator among traders for gauging potential support and resistance thresholds, the analyst conducted a comprehensive analysis.
Based on the principle that markets tend to retrace a predictable percentage of a preceding price movement before resuming their initial trajectory, Xanrox identified $0.00002250 as a crucial price level for procuring SHIB ahead of a prospective price surge. Additionally, Xanrox outlined a target of $0.00006619, as depicted on the chart., with further bullish action, per the Crypto News Flash report.
Xanrox’s evaluation transcends the realm of Fibonacci retracement, encompassing the significance of Elliott Wave theory.
SHIB Burn Skyrockets 2300%
According to Shibburn, the meme coin’s burn tracker, March witnessed the incineration of 15.64 billion SHIB, marking a substantial 2330% surge in the monthly burn rate. This spike was propelled by 217 transactions logged by the community, reflecting buoyant market sentiments as the token supply experienced a significant reduction. Notably, the total number of tokens burnt from Shiba Inu’s initial supply now stands at 410.72 trillion SHIB.
15,644,329,668 $SHIB tokens have been burned in the month of March with 217 transactions. #SHIB pic.twitter.com/wCqYDGiZgj
— Shibburn (@shibburn) April 1, 2024
Concurrently, reflecting this optimism, SHIB experienced a noteworthy monthly surge, reaching as high as $0.44 in March. However, at the time of reporting, the token exhibited highly volatile movement, with its charts depicting a consolidation phase in recent days. As of press time, Shiba Inu is trading 5.67% down at a price of $0.0000289 with a market cap of $17.03 billion. Interestingly, the daily trading volume for Shiba Inu has surged by 45%.
The recent decline in price appears consistent with the token’s derivatives data, indicating a significant 11.67% decrease in open interest, accompanied by a 4.30% surge in volume. These metrics suggest heightened trading activity and short-term trading among traders, contributing to the asset’s bearish outlook. Additionally, the asset’s OI-weighted funding rate remained relatively low, at 0.0299%, further supporting this trend.
Moreover, the Relative Strength Index (RSI) hovered around 56, suggesting that the asset is neither in an overbought nor oversold phase.
