Shiba Inu Price Analysis: SHIB Token soars 20% ahead of a Coin Burnout

• SHIB Token breached the controversial resistance of 0.000006 and registered gains worth 30% last week

• The press time price of SHIB/USDT is 0.0000057 established on the back of a 2.3% decline in the past 24 hours

• Shiba Inu and Dogecoin are ripe for a meme token marketplace 

As the demand for meme tokens has risen, SHIB Price witnessed a massive run-up last weekend. The announcement of a coin burn immediately caught up with the investors, which enabled the price to break above the controversial resistance of $0.000006. Furthermore, the bulls generated gains worth 20% overall, only to form a swing high of $0.000008. 

SHIB Price Action wrapped inside a bullish pennant 

SHIB/USDT on TradingView

Inside the 4-hour chart of SHIB Token, one can see that the weekend pump has enabled the price action to validate a bullish pennant. From the looks of it, the pattern is close to the border, thus hinting at the possibility of a potential breakout. 

As per the textbook rules, calculating the height of the flagpole from the breakout stands at an additional 20% gain. However, a brief inspection of the volume tells us that SHIB price is not ripe for a breakout. This adds credence to the possibility of a retest of the $0.0000074 support cushion. 

While a breakout is likely, things can take a sharp turn if the price range loses the support of the 20 EMA. The critical exponential moving average is also bolstered by the horizontal support cushion of $0.0000074. A decisive close beneath this particular range can charge the bears, who will aim for an 8% decline. 

Keeping in mind that the Shiba Inu developers have removed a significant amount of the coin’s circulating supply, the odds of a breakout are much higher. The bullish outlook will hold credibility, once the bulls are successful in breaching the overhead resistance of $0.000008. An official close above this range paves in the way of a 20% upswing. 

Interestingly, the Stochastic RSI awaits an impending bullish crossover while the Momentum Reversal Indicator continues to flash the green signal. With technical indicators being in favor of a bullish trend, the only thing lacking is sufficient volume from the side of the bulls. 

Big announcement for SHIBA Hodlers, Meme.com to establish a marketplace for meme-based assets

Launched in August of last year, SHIBA INU was developed with the sole purpose of challenging Dogecoin. It was only until May 2021, the token witnessed a massive pump in price, which was a result of the meme-generated hype train. The spotlight on this meme token enabled Top Crypto Exchanges to list it. 

Presently hovering at a low of 80% from its ATH of $0.000039, the SHIB token price is aiming to get out of the woods, on the basis of the latest announcements. 

Reversing back to May, when the price immediately starting dumping, investors were soon to label this as a pump and dump scheme. While trading in meme tokens is somewhat similar to gambling money due to investor-driven emotions, the latest news of meme.com  will change this narrative. 

Meme.com, which was created to become the center of meme culture, where users could monetize their memes, has developed a meme-centric basis of investing. In addition to tracking the perceived value of their memes, users will now be able to trade from a variety of meme tokens. 

The resulting hype of meme-based tokens has laid the pathway to institutional adoption. With that being said, Coins like Shiba Inu and Dogecoin are very likely to lead the token frenzy and become fundamentally strong assets. 

SUPPORT : $0.0000074

RESISTANCE: $0.0000080