TL;DR
- Shiba Inu analysts remain optimistic that future peaks are just around the corner.
- A possible ascent might be fueled by the asset’s burning program and developments in the Shibarium network.
After a few weeks of trading on the downside, Shiba Inu’s price finally headed north this week, increasing by some 9% in that period.
Numerous analysts are forecasting significant rallies in the near future.
The crypto investor and trader, using the X handle SHIB KNIGHT, examined Shiba Inu’s weekly performance and claimed the token had surpassed an important resistance level.
The analyst believes people have been accumulating SHIB lately, envisioning new peaks for the valuation should they continue buying at the same pace.
Earlier this month, Xanrox – an analyst on TradingView – predicted that Shiba Inu would “definitely” take off later this year.
“Right now, we need to catch the bounce and ride the next wave to the upside. The 0.618 FIB retracement seems to be a great level to buy Shiba Inu, which is at 0.00002249,” they added.
The X users JAVON MARKS and Ali also gave their two cents. The former forecasted a triple-digit price increase based on the “massive strength” that SHIB has shown earlier this year. Ali was less bullish, suggesting a 40% surge is more likely.
Two essential factors that could positively impact the meme coin’s value are the successful execution of the burning program and the further advancement of the layer-2 blockchain solution Shibarium.
As CryptoPotato reported, the burn rate exploded by 500% on March 21, while total transactions on Shibarium crossed the 400 million mark.
Those willing to learn how the network aims to foster the development of Shiba Inu, feel free to check our dedicated video below:
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