Shiba Inu (SHIB) Price Analysis: Will the Meme Coin Comeback Begin?
If you are a crypto enthusiast, you might have noticed that Shiba Inu (SHIB) suffered an 8% price decline last week. However, according to popular analyst Captain Faibik, things might be looking up for SHIB. Hereโs a breakdown of the potential price action for the meme coin:
Analyst Insights ๐
- The analyst, known as CryptoFaibik, pointed out a symmetrical triangle formation on the 6-hour chart for SHIB.
- A symmetrical triangle is a bullish pattern defined by lower highs and higher lows.
Token Burn Surge ๐ฅ
- Last week, SHIB experienced a surge in token burns, with over 15.5 billion tokens destroyed.
- This marks a 2,300% increase from Februaryโs numbers, indicating heightened activity within the SHIB ecosystem.
Legal Troubles and Massive Transactions ๐ผ
- Following legal issues faced by KuCoin, a major crypto exchange, a significant investor moved 2 trillion SHIB tokens ($62 million) to an unknown address on March 27th.
- US regulators had indicted KuCoin for failing to comply with AML and KYC regulations.
Hot Take: Is SHIB Ready to Soar Again?
Keep an eye on SHIB as the meme coin might be gearing up for a comeback after recent developments. With potential price action signals and increasing token burns, SHIB could be on the path to recovery.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.