Shiba Inu Price Prediction: Mapping out the aftermath of SHIB’s rigorous token burn campaign


  • Shiba Inu price ignores a descending triangle pattern’s breakout, forming two consecutive bullish candles.
  • Shytoshi Kusama, a pseudonymous developer, proposes new ways of burning SHIB.
  • Shiba Inu price must reclaim the triangle’s x-axis support to avert a possible 46.10% crash.

Shiba Inu is one of the tokens flipping green on Monday after a gruesome weekend session that saw the meme token extend its down leg slightly below $0.00001000. The launch of Shiba Eternity card game launched in Australia failed to positively impact the price, paving the way for a descending triangle pattern breakout. Sustainable recovery is anticipated if SHIB reclaims support at $0.00001179.

ShibaEternity to contribute to Shiba Inu burning spree

The iOS version of the much-anticipated Shiba Eternity card game went live in Australia over the weekend. Developers are working on an Android game version – expected in a few days.

Meanwhile, Shytoshi Kusama, a pseudonymous developer, has proposed new ways to beef up the Shiba Inu token burning campaign. Reports from the developer point to Shiba Eternity as the new burn avenue as soon as the blockchain version of the game launches.

“SHIBARMY, there will be burns from the game period. Upcoming details will explain why Shiba Eternity is powerful, challenging, and great for Shiba Inu, Shiboshi holders, and Shibarium once the blockchain version is released. The real question is where will you be on download day?” Shytoshi Kusama said via Twitter on September 17.

Shiba Inu burn rate hits new peak

The Shiba Inu burn rate soared the previous week, tagging a new record high. Approximately $61,329,300 worth of SHIB was destroyed last week alone – sending the burn rate 42% higher by Monday 19.

“In the past 24 hours, there have been a total of 61,329,300 SHIB tokens burned and 9 transactions,” Shibburn announced via Twitter.

Despite the skyrocketing burn rate, Shiba Inu price slipped out of a descending triangle pattern, as observed on the 12-hour chart. Support at $0.00001050 cushioned SHIB price from stretching its down leg 46.10% below the breakout point at $0.00001178.

SHIBUSD descending triangle pattern

SHIB/USD daily chart

Traders started buying Shiba Inu price after its bearish candle wick tagged a low of $0.00000999 on Sunday, which explains the meme token’s bullish outlook on Monday. SHIB’s new uptrend will remain shaky until the breakout point at $0.00001178 is reclaimed. Otherwise, losses might stretch 46.11% to $0.00000632.

The same daily chart reveals a bearish signal from the Moving Average Convergence Divergence (MACD) indicator. Shiba Inu price is bound to trend south if the MACD continues negatively divulging from the price. Potential support areas lie at $0.00000999 and $0.00000850; if push comes to shove, downhill levels to $0.00000632 would be tested.

Shiba Inu IOMAP chart

Shiba Inu IOMAP chart

The IOMAP by IntoTheBlock points to a robust resistance range between $0.00001100 and $0.00001200 – likely to arrest the Shiba Inu price bullish move. Around 12,700 addresses previously bundled up 50.76 trillion SHIB tokens. A break above this zone is very unlikely because as Shiba Inu price recovers, holders within the area may sell at their respective breakeven points, cementing the resistance.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

XRP Price Outlook: A breakout or significant price movement may be imminent for Ripple’s token

XRP Price Outlook: A breakout or significant price movement may be imminent for Ripple’s token

Ripple price has been range-bound for a while, with token holders patiently holding as the ecosystem contended against the US SEC. As per a recent report, the payments token’s price has been stuck below $0.50, failing to breach key resistance levels.

More Ripple News

Runes token standard diminishes BRC-20 hype, thwarts Ordinals engagement a day after launch

Runes token standard diminishes BRC-20 hype, thwarts Ordinals engagement a day after launch

Bitcoin token standards have been a notable theme of late, with Ordinals and BRC-20 making headlines in the first quarter of 2024. However, there is a new player in the works, Runes, which could be the next narrative as the ecosystem continues to evolve.

More Runes News

Avalanche Price Prediction: AVAX primed for gains as altcoin nails its 37% measured move target

Avalanche Price Prediction: AVAX primed for gains as altcoin nails its 37% measured move target

Avalanche (AVAX) price, like most altcoins, is showing strength following the fourth Bitcoin (BTC) halving. The landmark event, which has inspired positive market sentiment, has capital spilling over into other cryptocurrencies, including AVAX.

More Avalanche News

Meme coin madness returns after Bitcoin halving concludes

Meme coin madness returns after Bitcoin halving concludes

Meme coins are on a tear, with some posting double-digit gains despite characteristic weekend lull. BONK, FLOKI, PEPE, SHIB are sector’s top gainers while DOGE tries to catch up after Dogecoin Day. Solana’s Bonk Inu and Myro are top chain performers after SOL price’s 6% gains.

More Meme Coins News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP