SHIB Patterns Indicate Incoming Gains, Analyst Says

Shiba Inu (SHIB), one of the industry’s most popular meme coins and crypto ecosystems, trailed behind other popular tokens like Dogecoin (DOGE) last week, with a price decline of 8% on the weekly scale.

However, SHIB might be poised for further growth, according to popular analyst Captain Faibik (CryptoFaibik on X).

The analyst, citing data from a 6-hour chart, highlights the emergence of a symmetrical triangle, which traders consider a bullish pattern characterized by lower highs and higher lows.

$SHIB #Shiba another 2x Bullish Rally incoming ✍️ pic.twitter.com/srIRdxAfPm

— Captain Faibik (@CryptoFaibik) March 31, 2024

In symmetrical triangles, an asset price usually hinders in a period of consolidation, fluctuating within narrowing levels. This is usually a sign of indecision in the market.

However, the analyst noted that SHIB is undergoing a retest that, if successful, could catapult the token into a 2X rally by mid-December. This means SHIB could surge to around $0.000044. Yet this price remains well below SHIB’s all-time high of $0.000086.

SHIB Token Burns Skyrocket

As CryptoPotato reported, SHIB witnessed a surge in token burns, with over 15.5 billion tokens destroyed. This is a 2,300% increase compared to February’s figures, indicating significant activity within the SHIB ecosystem.

Interestingly, SHIB was involved in a massive transaction after KuCoin, one of the largest crypto exchanges, was indicted by US regulators. The regulators claim the broker failed to implement anti-money laundering (AML) and know-your-customer (KYC) checks.

Following these legal troubles, a significant investor transferred 2 trillion SHIB tokens, worth over $62 million, from KuCoin to an unknown address on March 27th.