Shiba Inu Primed For Huge Price Outburst After Shibarium Beta Bridge Goes Live For Public Testing

Shiba Inu (SHIB) has experienced a surge in price this month due to the rise in bitcoin‘s price. bitcoin reached $35,000 last week, fueled by the excitement surrounding the launch of a spot bitcoin ETF in the United States. However, will SHIB be able to sustain its bullish movement? Analysts weigh in.

On October 25, cryptocurrency analyst Ali Martinez reported on Twitter that the TD Sequential indicator is giving a buy signal for SHIB on its weekly chart. This is only the third time in history that the indicator has generated this signal for SHIB, suggesting significant price increases for the meme token may be expected.

The TD Sequential technical indicator, developed by Thomas Demark, uses a 9-period price count to identify significant turning points in the market. When it completes the countdown of 9 candles, it generates a buy or sell signal based on the previous trend.

Is SHIB Gearing Up for Its Next Bullish Rally?

On October 25, the TD Sequential indicator completed the bearish cycle for SHIB and gave a buy signal on the weekly candle. This occurred as the token was rebounding from a steep decline from its all-time high of $0.0008616, reached on October 28, 2021.

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The two previous buy signals for SHIB’s weekly chart occurred in June 2022 and late September 2023. In both cases, the price experienced significant increases of 118% and 71% in the following weeks.

Considering this history, Martinez suggests that the current signal could anticipate another significant bullish move for the meme token. SHIB has already seen an increase of over 11% in the past week, according to CoinGecko data.

SHIB Burn Rate Increases by 434%

The recent upturn in price has driven SHIB’s daily trading volume to levels not seen since May. This has led to a 434% increase in SHIB token burn rate, which permanently removes tokens from circulation. Data from Shibburn, the first project dedicated to analyzing crypto burns, confirms this surge in burn rate and reinforces the bullish sentiment around SHIB.

Despite plummeting by 97% from its all-time high, SHIB’s new buy signal on the weekly chart has restored optimism among holders. It demonstrates that the meme token can continue to compete against Dogecoin, the most popular meme coin with a market capitalization of $9.6 billion.

With growing investor interest and positive data from various technical indicators, SHIB seems poised for a new bullish movement towards the coveted $0.001 SHIB price. However, monitoring bitcoin‘s behavior will be crucial for gaining a clearer outlook on the direction of the cryptocurrency market.

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By Team