Shiba Inu, along with other meme coins like Doge, Pepe, and DOGwifhat, has seen a significant surge in price over the past 24 hours. The excitement within the Shiba Army and the activity on the charts indicate that Shiba Inu may be gearing up for a price rally.
Shiba Army’s Request to Binance
Recently, Binance CEO Richard Tend tweeted about US-listed Bitcoin ETFs. In response, the Shiba Army actively requested that Binance burn SHIB tokens, similar to how they burn LUNA collected as trading fees.
Shortly after, the Shib burning tracker Twitter handle quoted a fan’s tweet to Richard, asking to imagine if Binance burned SHIB like LUNA. This tweet received massive support from Shiba Inu fans.
Technical Aspect of SHIB
According to IntoTheBlock data, Shiba Inu may encounter significant resistance at its next price stage. Between $0.000017 and $0.000019, there are 30.37k addresses holding a total of 424.11T SHIB tokens purchased at this price. Once the price breaches this zone, these holders might take profits, potentially leading to a price drop.
On the other hand, the Stoch RSI indicates a rising pattern for Shiba Inu. A similar pattern in the first week of July resulted in a 36% price increase.
Over the past 24 hours, the price of this meme token has already increased by 8.87%. If it surpasses the resistance and rises by 30%, Shiba Inu’s price could reach $0.00002065, another significant resistance level.
The Rising Star candlestick pattern on the chart supports this. The last three months of Shiba Inu’s movement show a bearish trend. The formation of the Rising Star at the end of this trend indicates a potential trend reversal.
Looking Forward
By analyzing the candlestick pattern and on-chain data on the chart, it is evident that Shiba Inu’s price is currently at a critical juncture. If SHIB holders refrain from selling in this zone, we may witness a significant price surge in this meme token soon. Binance’s acceptance of their burning request could further boost the price. However, investors and traders should always keep in mind that meme coins are highly volatile. Even a small move by whales can have a significant impact on price movements. Proceed with caution.
