Recently, a popular analyst on X, Clifton Fx, noticed a bullish flag pattern on the three-day chart of Shiba Inu (SHIB) that could mean a price surge. The coin has seen a 4% rise in the last 24 hours.
It is currently being traded at $0.00001747. Using Clifton’s analysis, if SHIB manages to break through a particular barrier over the next few days, it could surge by as much as 89.76%.
According to Clifton, the bullish flag pattern is a descending channel. It has established SHIB’s resistance and support since March through two parallel trendlines.
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The price of the asset has reached the upper boundary of this channel. It may be subject to a test of this level.
As Clifton points out, a decisive breakthrough of this level may indicate the resumption of the growth process. And SHIB may rebound to $0.00003500.
Shytoshi Kusama Defends SHIB Amid Critiques
This technical analysis is consistent with current debates within Shiba Inu community on future direction and value of SHIB. In the last few days, Shytoshi Kusama, lead developer of Shiba Inu, responded to people who doubted SHIB could touch $0.01.
These remarks came after Nick Tomaino, partner at 1confirmation, a venture fund that specialises in crypto projects, posted a list of the notable crypto projects, excluding Shiba Inu.
Kusama addressed this, noting he was equally disgruntled. SHIB had not received due recognition despite ranking among the top twenty in the market.
In a conversation that ensued, Kusama explained that while the majority of the crypto community might not be aware of all that SHIB has accomplished, it remains a popular token nonetheless.
There was also an exchange with a community member who stated that the value of SHIB had to reach $0.01 to be taken seriously. Further discussions on the goals of the project and the community aspirations followed.
Shibburn Reports 5.58 Billion SHIB Tokens Burned
Notably, in a new development, a burn transaction occurred on the Shibburn platform. It could affect the SHIB price as 5.58 billion SHIB tokens were burned.
This transaction, executed at 20:31 UTC, was performed by an anonymous wallet, which led to a decrease in the supply. Such burns are used to reduce the total supply of tokens. Some members of the community think of it as a way to increase the token’s value or at least prevent it from depreciating.
The large amount of SHIB token burn has attracted much attention from Shiba Inu enthusiasts. Decreasing the supply in circulation is considered to work in favour of the asset price.
It is also in accordance with the fundamental economic law of demand and supply. Since the SHIB price is still struggling to break through resistance levels, the reduced supply may further support it.
More so, recent market analysis indicates a possible bullish reversal for Shiba Inu as MACD indicators align with strong support levels at $0.00001620 and $0.00001294.
