Market expert Ali Martinez projects a rebound for Shiba Inu (SHIB) as the burn rate spikes dramatically. Recently, SHIB has experienced a significant decline, with its price crashing to lower levels. Although signs of a rebound appeared on June 16, the dog-themed token continued to fall below the $0.00002 range, marking an 11.28% decrease within 24 hours.
Currently priced at $0.00001817, SHIB has seen a 19.59% drop over the past week and a 27.3% decline over the past 30 days. Despite this, two key factors suggest a potential price surge.
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Martinez Predicts Imminent Rebound
Firstly, prominent chartist Ali Martinez has highlighted a buy signal on SHIB’s daily chart using the TD Sequential technical indicator. This indicator often signals a perfect buying opportunity for traders, hinting at a possible reversal in SHIB’s downtrend. Martinez’s analysis brings optimism to SHIB holders, suggesting that the token may be gearing up for a price rebound.
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Secondly, SHIB’s burn rate has skyrocketed, increasing by an astounding 12,842% over the past 24 hours. This surge resulted from the incineration of 12,047,795 (12.04 million) SHIB tokens. The burn rate is a crucial aspect of Shiba Inu’s deflationary strategy, as it reduces the circulating supply of the token. By decreasing supply, the burn rate could bolster any attempts at price recovery.
Potential For Price Recovery
While these factors suggest a positive outlook for Shiba Inu, it is important to remember the volatile nature of emerging assets. Although the spike in burn rate and Martinez’s positive sentiment indicate potential for a price rebound, nothing is guaranteed in the market. Investors must conduct thorough due diligence before making investment decisions.
The dramatic increase in SHIB’s burn rate and the emergence of a buy signal on the daily chart offer hope for a potential price rebound. However, the unpredictable nature of the market necessitates careful consideration and research.
