Despite the gloomy condition of the crypto market, one analyst has voiced his optimism towards Shiba Inu (SHIB). TradingView analyst Krao recently predicted that the dog-themed crypto asset could hit $0.001 in the next few months. The analyst pointed out that this rally will follow a major breakout.
Current Outlook of Shiba Inu
This particular breakout will come from a multi-month descending trendline that hindered SHIB from experiencing a significant bull season over the last three years.
The memecoin is trading at $0.00001337, with a 0.26% increase in the last 24 hours. Based on Krao’s prediction, the token will eventually lose two zeros. Should this breakout rally happen as expected, SHIB’s price would see a 7,379% surge from its current level. Beyond Krao, a recent SHIB price analysis discussed the likelihood of Shiba Inu jumping to $1.
To buttress his point, he shared a chart showing a long-term descending trendline that has forced Shiba Inu to remain under pressure since late 2021. In October 2021, SHIB hit an All-Time High (ATH) of $0.00008854. Thereafter, the cryptocurrency faced a huge plunge along with the broader market. As soon it entered a recovery phase, it equally slipped into consolidation.
During this consolidation period, there were a series of lower highs and relatively flat movement. They were between a low of $0.000005 and a high around $0.00003. At the time, the extended period which was filled with low volatility and signaled a mild SHIB price surge is imminent.
Shiba Inu Ecosystem Outperform Expectation
Meanwhile, the price of SHIB was rising steadily for the last few days.
However, in the past week, Indodax exchange triggered a liquidity run after it suffered a major hack. The platform’s exploit resulted in a whooping $22 million liquidity drain. The breach led to the theft of 9 billion Shiba Inu tokens. This raised concerns about the potential impact on the token’s price and the broader market.
However, the memecoin has not taken any major blow, in terms of price action, since the hack.
While the SHIB community awaits the predicted potential price breakout, the ecosystem has recorded a new milestone. On Wednesday, the SHIB burn rate rallied by 8000% within a 24 hours timeframe. This surge accounted for the destruction of nearly 3 million tokens. Within seven days, the weekly burn chart showed a staggering 271.05 million SHIB burned.
The Shiba Inu ecosystem is outperforming expectations with series of product launches. From Shibarium auto burning to DAO governance, the memecoin project is making crucial moves toward the coming rally.
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