Shiba Inu Bulls Struggle to Hold Gains
Despite losing their hold at the $0.00001 level, Shiba Inu bulls are committed to pushing the meme coin’s price higher. While large cap altcoins are not receiving much attention, the SHIB price has been trading in a tight range that could either make or break its value.
Shiba Inu Trading Pattern
Crypto analyst Ali Martinez has identified a descending parallel pattern in which the Shiba Inu price has been trading. This pattern indicates prominent downtrends in the asset’s price over time, which is generally bearish. However, it can also lead to a surge in price.
Bullish and Bearish Scenarios
Martinez suggests two possible scenarios for the SHIB price. The bullish path would require a decisive weekly breakout that could push the price toward $0.000014. On the other hand, the bearish path could result in a drop back to October levels around $0.000008.
Shibarium Usage and Burning of SHIB
Shibarium, the Shiba Inu Layer 2 blockchain, has experienced increased usage, generating over $1.2 million in fees. These fees will be used to burn SHIB tokens, reducing the supply and potentially boosting the price.
Hot Take: Shiba Inu’s Future Hangs in Balance
Shiba Inu’s fate remains uncertain as bulls struggle to maintain gains and the price trades within a descending parallel pattern. The outcome could go either way, with a potential breakout leading to higher prices or a drop back to previous lows. Additionally, Shibarium’s increased usage and burning of SHIB tokens could impact the coin’s value. As the Shiba Inu community watches closely, only time will tell which path the meme coin will take.
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