Shiba Inu’s price has been in a downward spiral recently, with a sharp decline below the $0.00002 mark, marking an 11.28% drop in just 24 hours. Currently priced at $0.00001817, SHIB has seen a significant decrease of 19.59% in the weekly charts and 27.3% over the past month.
Despite this bearish trend, market analyst Ali Martinez believes that Shiba Inu may be gearing up for a comeback. A buy signal on the SHIB chart, coupled with a surge in burn rate, indicates a potential price rebound on the horizon.
Utilizing the TD Sequential indicator, Martinez highlighted the buy signal on SHIB’s daily chart as a signal of a possible reversal in the token’s downward trajectory. This signal typically signifies an opportune moment to buy an asset, according to traders.
Moreover, SHIB’s burn rate has skyrocketed by 12,842% in the last 24 hours, with over 12 million SHIB tokens incinerated. This significant increase in burn rate contributes to Shiba Inu’s deflationary strategy by reducing the circulating supply, which could help support a potential price recovery.
While the surge in burn rate and Martinez’s positive outlook suggest a promising future for Shiba Inu, it is important to acknowledge the inherent volatility of emerging assets. As such, thorough research and due diligence are essential before making any investment decisions.
Disclaimer: This article provides information and does not constitute financial advice. The opinions expressed are those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct their own research before investing, as The Crypto Basic holds no responsibility for any financial losses incurred.