The crypto market has seen a mild recovery following the consolidation of the price of Bitcoin (BTC) around $27,000. Shiba Inu (SHIB) is among the crypto assets that recently staged a rebound from the support level, showing some bullish tendencies.
SHIB has been in a downtrend since hitting the $0.000012 price point in late April. This bearish SHIB price action lingered for about a month before snapping into an uptrend early in the new week.
Popular crypto analyst Rand spotted this reversal in the price trajectory of the second-largest decentralized meme token. In his tweet, the pseudonymous technical analyst suggested that the crypto asset could stage a rally to the $0.00001 price level in the coming weeks or months. “Eyes on SHIB, breaching up the main downtrend resistance after one month,” he wrote.
In other words, Rand hinted at a possible increase of roughly 12% in the price of SHIB, considering its value of $0.000008922 at the time of writing. The analysis further showed that SHIB could retest a known resistance situated higher on the one-day timeframe chart at $0.00001180 if it breaks $0.00001 and sustains the momentum.
Eyes on $SHIB, breaching up the main downtrend resistance after one month! pic.twitter.com/XkpHUTeIvI
— Crypto Rand (@crypto_rand) May 22, 2023
The technical analyst also pictured the possibility of Shiba Inu rising by over 40% to reach an ultimate target of $0.000015. Notably, SHIB has retested the $0.000015 price level thrice between May 2022 and February 2023. With the rising adoption of the meme token as a payment method and the hefty burns, SHIB could reach these targets in the coming months to give investors a good run for their money.
Can burns boost SHIB’s price?
The total supply of Shiba Inu stands at over 589 trillion at the time of writing. It is believed that taking a significant portion of the meme token out of supply would make its tokenomics attractive to investors, enhancing its price appreciation. Google’s Artificial Intelligence (AI) Chatbot Bard concurred, adding that more developments and building utility around the asset would help step up its price.
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