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Technical and on-chain indicators for Shiba Inu are supporting expectations for a price increase. Experts believe that if the memecoin surpasses a specific resistance level, it could see a short-term rise of up to 20%. The increase in network activity and token burns since January further strengthens these expectations, indicating a resurgence of interest in the market.
Technical Indicators Signal Potential Growth
Satori BTC, a notable figure in the cryptocurrency space, expressed a bullish outlook for Shiba Inu. According to the analyst’s insights, if SHIB breaks a particular resistance level, the likelihood of an approximately 20% increase will strengthen with the completion of the formation. Overcoming this level is considered a confirmation that the current bottom structure has ended.
Satori BTC highlighted the need for the current technical formation of SHIB to be completed, anticipating a strong upward movement in this direction. The analyst emphasized that investors should remain cautious about short-term price fluctuations, asserting that significant profit opportunities could arise if the formation is successfully completed.
Technical indicators on the charts also support this bullish outlook. The ability of SHIB to hold at support points and the continued increase in volume are enhancing investor appetite. A broader upward trend could be triggered once the resistance level is breached.
On-Chain Data Shows Positive Trends
In addition to technical analyses, on-chain indicators are also providing positive signals for Shiba Inu. The total locked value in the Shibarium network has reached its highest level since January, indicating increased network activity. This rise also reflects growing confidence in the project.
Furthermore, the increase in token burn rates is interpreted as a sign that supply may tighten. This development could support upward price movement from a supply-demand perspective. As the amount of SHIB in circulation decreases due to token burns, it may positively impact the price.
Investors are leveraging both technical and on-chain data to formulate new strategies. Notably, large wallets (whales) continue to accumulate SHIB, keeping interest in the memecoin alive. Overall, the negative signals in the market appear to be weakening, with investors adopting a more optimistic outlook.
