Shiba Inu price has rebounded above $0.00001324, with new bullish signals pointing to a breakout rally. Various analysts are now aiming at new levels, among them being at the $0.000018 and $0.000081 zones.
Shiba Inu Price Prediction: SHIB Eyes $0.000018 If Bull Flag Holds
According to $SHIB KNIGHT, the Shiba Inu price has formed a bull flag. This formation is usually an indication of the resumption of an uptrend after a period of consolidation. The configuration displayed a projected move of 17.7% from $0.0000132 to $0.0000155 if the flag breakout is confirmed.
The flagpole started at $0.0000112 and rose to $0.0000132 before consolidation took place. With SHIB price breaking slightly above the flag’s upper boundary, momentum appears to be building.
Once it sustains more than the $0.0000133 mark, the measured move to the target of the $0.0000155 level may follow.
Furthermore, this local breakout is supported by a larger resistance flip on the higher time frames. If Shiba Inu price maintains above the key short-term moving average and volume continues rising, a further push toward $0.000018 may materialize.
The current setup may, however, be invalidated in case of failure to sustain the support at $0.0000128.
Also Read: PEPE Coin Price Eyes 35% Rally After Bullish Breakout
SHIB Burn Rate Spikes as Supply Pressure Drops
In the meantime, Shiba Burn Tracker data showed a spike in the number of token burns within the last 24 hours.
More than 473.5 million SHIB tokens were burned on one wallet, and some other wallets burned more than 50 million tokens. This brought the burn percentage to 41.05% of the total SHIB supply.
On a monthly scale, the data showed more than 1.3 billion SHIB tokens were burned in June alone. July is expected to blow past that, driven by organized wallet activity and increased community participation.
This burning of tokens reduces the circulating supply and generates more deflationary pressure, and boosts the bullish sentiment among the holders.
In addition, the burn curve showed clear peaks concerning price rallies. As the 30-day burn chart has revealed, the rate of token removals in breakout periods continues to accelerate, another sign that supply contraction and price rise are related.
The reduction in available SHIB price may help sustain any bullish trend initiated from current levels.
SHIB 500% Rally Target Still in Play
In the meantime, analyst Javon Marks confirmed a high-conviction target of $0.000081. He noted that SHIB’s long-term chart structure remains intact, with the token maintaining its breakout zone.
His chart suggested that the Shiba Inu price broke through a long-standing descending resistance and is now consolidating before a potential explosive move.
Marks believed that the most significant breakout happened at the level of $0.0000081, and the retest of the trendline is a bullish continuation.
He expected the Shiba Inu price to follow a trajectory similar to its early 2021 move, which resulted in exponential gains. This outlook is also consistent with the existence of a two-bullish risk region and a bullish MACD crossover.
Although it might take a long time before hitting the $0.000081 mark, the trend indicates gaining momentum. If SHIB price clears local resistance levels around $0.000015 and $0.000018, the path toward higher targets may open.
The $0.000022 area may serve as a mid-cycle gateway before any significant uptrend.
Analyst Sees $0.000018 as Immediate Target
To further the technical perspective, analyst Vegeta also posted another chart depicting a bullish breakout to $0.00001804. His analysis showed that the SHIB price has already bounced from a key support zone and is forming a higher low structure.
The last dip before the next surge could be a pullback to the green support box near $0.0000125.
The chart depicted an expected steep pump-up of the present prices to the red resistance band corresponding to $0.00001804. This level has acted as a major resistance multiple times in 2023 and early 2024, and flipping it would shift the Shiba Inu price into a new range.
Moreover, Vegeta’s analysis suggested Shiba Inu price is breaking away from a multi-month downtrend with conviction. This affirmed the short-term flag formation and long-term upside.
In case SHIB volume and sentiment remain, there can be a rapid move up in a few days to $0.000018.
